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Short Company purchased land by paying $15,000 cash on the purchase date and agreeing to...

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Accounting

Short Company purchased land by paying $15,000 cash on the purchase date and agreeing to pay $15,000 for each of the next ten years beginning one-year from the purchase date. Short's incremental borrowing rate is 11%. The land reported on the balance sheet is closest to: (Table A.1, Table A.2, Table A.3, and Table A.4) (Use appropriate factor(s) from the tables provided.)

$52,828.

$165,000.

$150,000.

$103,338.

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