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The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $200,500 per year for the next 10 years and an additional $2,005,000 at the end of the 10th year. The seller of the jet is charging 8% annual interest. Determine the liability that would be recorded by Jenkins. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided. Round your answer to nearest whole dollar.)

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91960339

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