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Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones....

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Accounting

Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $2,260,000 and leased it to Mid-South Urologists Group, Incorporated, on January 1,2024.
Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
\table[[Lease Description:,],[Quarterly lease payments,$147,483-beginning of each period],[Lease term,5 years (20 quarters)],[No residual value; no purchase option,5 years],[Economic life of lithotripter,127],[Implicit interest rate and lesseefs incremental borrowing,],[rate,$2,260,000
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