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TB MC Qu. 15-35 (Algo) Technoid Inc. sells computer... Technoid Inc. sells computer systems. Technold...

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TB MC Qu. 15-35 (Algo) Technoid Inc. sells computer... Technoid Inc. sells computer systems. Technold leases computers to Lone Star Company on January 1, 2021. The manufacturing cost of the computers was $21 million This noncancelable lease had the following terms: Lease payments: $3,573,855 semiannually, first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30, 2025 Lease term: 5 years (10 semiannual payments). No residual value; no purchase option Economic life of equipment 5 years. Implicit interest rate and lessee's incremental borrowing rate: 9% semiannually. Fair value of the computers at January 1, 2021: $25 million. What is the outstanding balance of the lease liability in Lone Star's June 30, 2021, balance sheet? (Round your answer to the nearest whole dollar) Multiple Choice $25,000,000 519 7042

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