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undefined Current Attempt in Progress x Your answer is incorrect. On December 31, 2019,...

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Accounting

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Current Attempt in Progress x Your answer is incorrect. On December 31, 2019, Crane Company leased machinery from Terminator Corporation for an agreed upon lease term of 3 years. Crane agreed to make annual lease payments of $20,500, beginning on December 31, 2019. The expected residual value of the machinery at the end of the lease term is $10,250. Crane guarantees a residual value of $10,250 at the end of the lease term, which equals the expected residual value of the machinery. What amount will Crane record as its lease liability if the expected residual value at the end of the lease term is $7,250 and Crane guarantees a residual of $10,250. Its incremental borrowing rate is 8% and the implicit rate of the lease is unknown? (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to O decimal places, e.g. 5,275.) Click here to view factor tables. Lease liability $ 65194

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