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QUESTION
On January 1, 2010, James Company leased a machine for 10 years that could have been purchased for $100,000.
On January 1, 2010, James Company leased a machine for 10 years that could have been purchased for $100,000. The lessor used an implicit interest rate of 10 percent in determining the lease payments of $14,795, the first of which was made when the lease was signed.
