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On January 1,2024, Jasperse Corporation leased equipment under a finance lease designed to earn the...

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Accounting

On January 1,2024, Jasperse Corporation leased equipment under a finance lease designed to earn the lessor a 12% rate of return for
providing long-term financing. The lease agreement specified ten annual payments of $75,000 beginning January 1 and each
December 31 thereafter through 2032. A 10-year service agreement was scheduled to provide maintenance of the equipment as
required for a fee of $5,000 per year. Insurance premiums of $4,000 annually are related to the equipment. Both amounts were to be
paid by the lessor, and lease payments reflect both expenditures.
At what amount will Jasperse record a right-of-use asset?
Note: Use tables, Excel, or a financial calculator. Round your answers to the nearest whole number. (FV of $1, PV of $1, FVA of $1,
PVA of $1, FVAD of $1 and PVAD of $1)
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