Cady Salons leased equipment from Smith Co. on January 1, 2021, in an operating lease. The present value of the lease payments discounted at 11% was $103,300. Ten annual lease payments of $15,800 are due at each January 1 beginning January 1, 2021. The amortization of the right-of-use asset for the reporting year ending December 31, 2021, would be:

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In an operating leasethe lesse amortized its right of use a... View the full answer