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Category > Accounting Posted 25 Aug 2017 My Price 5.00

Benjamin’s Warehouse

Exercise 10-8 Financial Statement Impact of a Lease

Benjamin’s Warehouse signed a six-year capital lease on January 1, 2014, with payments due ev- ery December 31. Interest is calculated annually at 10%, and the present value of the minimum lease payments is $13,065.

Required

1.        Calculate the amount of the annual payment that Benjamin’s must make every December 31.

2.        Calculate the amount of the lease obligation that would be presented on the December 31, 2015, balance sheet (after two lease payments have been made).

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Maurice Tutor
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Status NEW Posted 25 Aug 2017 12:08 AM My Price 5.00

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