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What was the total expense related to this lease

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Problem - On January 1, 2012, Singhai Ltd. signed a three-year lease on a delivery truck. The lease requires annual payments of 1 point $29,103, which are due at the end of each year. Singhai's managers computed the present value of the lease payments as $75,000 using an effective interest rate of 8%. Singhai had to use capital lease accounting treatment for the truck. What was the total expense related to this lease during the fiscal year ended December 31, 2012?

Reference no: EM132860935

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