On January 1, 2007 Ashly Farms leased a hay baler from Agrico Tractor Company. Ashly was having
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On January 1, 2007 Ashly Farms leased a hay baler from Agrico Tractor Company. Ashly was having cash flow problems, so Agrico drew up the lease to allow Ashly to reestablish itself. The lease requires Ashly to make $3,000 payments on January 1 of each year for five years beginning in 2007. The interest rate is 12%.
Required
Calculate the present value of the cost of the lease payments to Ashly on January 1, 2007.
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Related Book For 
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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