On January 1, 2019, Ashly Farms leased a hay baler from Agrico Company. The lease requires Ashly

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On January 1, 2019, Ashly Farms leased a hay baler from Agrico Company. The lease requires Ashly to make $3,000 payments on January 1 of each year for 5 years beginning in 2019. The interest rate is 12%.

Required:
Calculate the present value of Ashly’s lease payments as of January 1, 2019.

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Jul 16, 2019 01:00 PM

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On January 1, 2019, Ashly Farms leased a hay baler from Agrico Company. The lease requires Ashly

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Intermediate Accounting Reporting and Analysis

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