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On the first day of 20X1, ABC signed a lease contract in which it agreed...

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Accounting

On the first day of 20X1, ABC signed a lease contract in which it agreed to make three annual payments of 1,101.63 in exchange for a three year right of use. Each payment is due at the end of the year. On the day that the lease was signed, the market rate of interest was five percent. What is the carrying value of the leased right of use asset on the day that the lease was signed? All answers are rounded to the nearest integer.

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