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Python Company leased equipment from Hope Leasing on January 1,2021. Hope recently purchased...

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Accounting

Python Company leased equipment from Hope Leasing on January 1,2021. Hope recently purchased the equipment at a cost of $247,714. Other information: Lease term 3 yearsAnnual payments $ 89,000 on January 1 each yearLife of asset 3 yearsFair value of asset $ 247,714Implicit interest rate 8%Incremental rate 8%

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