Corp. leased equipment for its 8-year useful life, agreeing to pay $10,000 at the beginning...
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Corp. leased equipment for its 8-year useful life, agreeing to pay $10,000 at the beginning of the term of the lease, on January 1, 20X0, also paying $10,000 annually each January 1 for the next 7. The present value of the 8 lease payments on January 1, 20XO at a rate of 8% was $62,000. How much is the interest expense of the lease in 20X0? Or $4,160 Or $4,960 or $5,200 or $6,200
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