On June 1, 2024, Florida National leased a building. The lease agreement calls for Florida National to
Question:
On June 1, 2024, Florida National leased a building. The lease agreement calls for Florida National to make lease payments of $3,618.18 each month for the next two years, with the first lease payment beginning June 30. The company’s normal borrowing rate is 8%.
Required:
Calculate the present value of the lease payments and record the lease on June 1, 2024. Round to the nearest whole dollar.
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The present value of the lease payments is calculated using the present value formula P...View the full answer
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