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Problem 1: On January 1, 2014, Pearson Company signed a lease agreement requiring six annual payments of $60,000, beginning December 31, 2014. The lease qualifies as a capital lease. Pearson's incremental borrowing rate was 9% and the lessor's implicit rate, known by Pearson, was 10%. The present value factors of an ordinary annuity of $1 for six periods for interest rates of 9% and 10% are 4.48592 and 4.35526, respectively.
Question 1: The balance of the lease obligation on January 1, 2015, for financial reporting purposes after the lease payment would be (round answers to the nearest dollar)
A. $ 0
B. $166.779
C. $227.448
D. $233,379
What is the percentage of the misstatement in (a) to the reported income of $1,001,000,000? Round to one decimal place.
Suppose that with his purchase order, Aikan is required to make a down payment. Would that change your answer to part (a)?
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