(Answered) Question - given fair value of leased asset600000useful

Accounting

Question - Given:

Fair value of leased asset=600000

Useful life=10 years

Lease term=7years

Payment frequency=annual

Payment timing=beginning of year

Residual value (unguaranteed) = 35000

Interest rate implicit in the lease = 6%

Lessee's incremental borrowing rate = 5%

Determine the amount of lease payment that the lessor would require to lease the asset.

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