Rhodam Corporation entered into a long-term lease for a piece of equipment. The lease term calls...

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Rhodam Corporation entered into a long-term lease for a piece of equipment. The lease term calls for an annual payment of $2,000 for six years, which approximates the useful life of the equipment. Assume a discount factor of 16 percent. Note: Present Value Factor 1. Present value of a single sum factor at six years and 16% is 0.410; 2.present value of an annuity factor at six years and 16% is 3.685.) Round answers to the nearest dollar. a. What is the present value of the bond (Present value factor is provided chose the correct factor based on problem) - 3pts b. Prepare the entry without explanation to record the leased equipment 2pts c. Prepare the entry without explanation to record annual depreciation, assuming the straight-line me od and no residual value 2pts d. Prepare the entry without explanation to record the first annual payment of $2,000, after the company has had the equipment for one year. 3pts Rhodam Corporation entered into a long-term lease for a piece of equipment. The lease term calls for an annual payment of $2,000 for six years, which approximates the useful life of the equipment. Assume a discount factor of 16 percent. Note: Present Value Factor 1. Present value of a single sum factor at six years and 16% is 0.410; 2.present value of an annuity factor at six years and 16% is 3.685.) Round answers to the nearest dollar. a. What is the present value of the bond (Present value factor is provided chose the correct factor based on problem) - 3pts b. Prepare the entry without explanation to record the leased equipment 2pts c. Prepare the entry without explanation to record annual depreciation, assuming the straight-line me od and no residual value 2pts d. Prepare the entry without explanation to record the first annual payment of $2,000, after the company has had the equipment for one year. 3pts

Answer rating: 100% (QA)

a Present Value of the Lease Obligation The present value of the lease obligation is calculated by m... View the full answer