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Scilla [17]
3 years ago
8

Warren Co. recorded a right-of-use asset of $780,000 in a 10-year finance lease. The interest rate charged by the lessor was 10%

. The balance in the right-of-use asset after 2 years will be:
Business
1 answer:
VLD [36.1K]3 years ago
3 0

Answer: $624000

Explanation:

From the question, we are informed that Warren Co. recorded a right-of-use asset of $780,000 in a 10-year finance lease and that the interest rate charged by the lessor was 10%.

The balance in the right-of-use asset after 2 years will be calculated as:

= $780,000 - [($780,000/10) × 2]

= $780,000 - ($78000 × 2)

= $780,000 - $156,000

= $624000

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