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Rumstelo Corporation leased a machine on December 31,2024, for a three year period. The lease...

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Accounting

Rumstelo Corporation leased a machine on December 31,2024, for a three year period. The lease agreement calls tor annual
payments in the amount of $17,000 on December 31 of each year beginning on December 31,2024. Rumsteld has the cption to
purchase the machine on December 31,2027, for $21,000 when its fair value is expected to be $31,000. The machine's estimatec
useful life is expected to be six years with no residual value. The appropriate interest rate for this lease is 10%.
Required:
Calculate the amount to be recorded as a right-of-use asset and the associated lease liability.
Prepare an amortization schedule for this lease.
Complete this question by entering your answers in the tabs below.
Calculate the amount to be recorsied as a right-ot-use asset and the assoclated lease liahility.
Note: Round your lintermadlate calculations and flnal answer to the nearest whole dollar amoints.
Hight-Ct-1La zesaty I AaA payalala
Required 1
Required 2
Prepare an amortization schedule for this lease.
Note: Round your intermediate calculations and final answers to the nearest whole dollar amounts.
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