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Mega Corporation leases machinery on January 1, 2016. The lease is for a period of 10 years, which ...

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Mega Corporation leases machinery on January 1, 2016. The lease is for a period of 10 years, which ...

Mega Corporation leases machinery on January 1, 2016. The lease is for a period of 10 years, which is the useful life of the machinery. The implicit rate of interest is 7% and the Obligation under Capital Lease is recorded at $75,152. The lease requires annual payments of $10,000, with the first payment due at the inception of the lease. How much interest expense should be accrued on December 31, 2016?
A) $5,261
B) $0
C) $10,000
D) $5,439

Textbook

Intermediate Accounting

Edition: 1^st

Authors: Gordon, Raedy, Sannella

Read 31 times

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More solutions for this book are available here

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brendatanmy Author

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Oh god, I was lost before coming here. Thanksss

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slimkat

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Great, make sure you mark the topic solved, it hides it from other eyes Slight Smile

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