Question: On September 3 0 , 2 0 2 4 , a company leased a warehouse. Terms of the lease require 1 0 annual lease payments

On September 30,2024, a company leased a warehouse. Terms of the lease require 10 annual lease payments of $70,000 with the first payment due immediately. Accounting standards require the company to record a lease liability when recording this type of lease.
Assume a 8% interest rate. What amount should be recorded for the lease liability on September 30,2024, before the first payment is made?

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