Slice Company manufactures equipment that they sell or lease. On December 31, 2008, Slice leasedequipment...
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Slice Company manufactures equipment that they sell or lease. On December 31, 2008, Slice leasedequipment to Hook Company for a five-year period after which ownership of the leased asset will betransferred to Hook. The lease calls for equal annual payments of $50,000, due on December 31 ofeach year. The first payment was made on December 31, 2008. The normal sales price of the equip-ment is $220,000, and cost is $176,000. For the year ended December 31, 2008, what amount of in-come should Slice report from the lease transaction?a.$10,000b.$30,000c.$44,000 Chapter 15/Leases123d.$74,000
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