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Zara Corp. entered a finance lease agreement with Acme Leasing Ltd. on July 1, 2023....

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Accounting

image Zara Corp. entered a finance lease agreement with Acme Leasing Ltd. on July 1, 2023. Zara Corp. agreed to pay Acme an initial payment of $80,000 on that date and annual payments of $315,343.41 on June 30 of each of the next three years to lease a piece of equipment with a fair value of $800,000. The interest rate implicit in the lease agreement was 15%. Required: Calculate the 2025 statement of cash flow effects for Zara Corp

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