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Business, 10.05.2021 23:30 jennifer2129
On January 1, 2020, UML Corporation leased equipment to UMB Company. The lease term is five years. The first payment of $300,000 was made on January 1, 2020. The equipment cost UML Corporation $1,300,000. The present value of the lease payments is $1,363,785. The lease is appropriately classified as a sales-type lease. Assuming the interest rate for this lease is 5%, how much interest revenue will UML record in 2021 on this lease
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On January 1, 2020, UML Corporation leased equipment to UMB Company. The lease term is five years. T...
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