MHB Ltd. signed a lease agreement on August 1, 2023 to lease some equipment from TLC Corp.

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MHB Ltd. signed a lease agreement on August 1, 2023 to lease some equipment from TLC Corp. The term of the lease was nine years, after which time the equipment was to become the property of MHB. TLC set the lease payments of $13,667.15 at the beginning of each period in order to earn an interest rate of 11%, and that rate was known to MHB. Assume that MHB has a calendar year-end. Click here to view the factor table Click here to view the factor table On MHB's December 31, 2023 statement of financial position, what amounts related to this lease would MHB report for (a) current liabilities and (b) long-term liabilities? (Round factor values to 5 decimal places, e.g. 1.25124. Round answers to 2 decimal places, e.g. 52.75.) $ Current liabilities Long-term liabilities $

Posted Date: May 18, 2024 07:10 PM

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MHB Ltd. signed a lease agreement on August 1, 2023 to lease some equipment from TLC Corp.

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