Rusty Corporation purchased a rust-inhibiting machine by paying $50,500 cash on the purchase date and agreed to
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Rusty Corporation purchased a rust-inhibiting machine by paying $50,500 cash on the purchase date and agreed to pay $10,100 every three months during the next two years. The first payment is due three months after the purchase date. Rusty's incremental borrowing rate is 12%. The liability reported on the balance sheet as of the purchase date, after the initial $50,500 payment was made, is closest to---------.
Related Book For
Principles of Corporate Finance
ISBN: 978-0077404895
10th Edition
Authors: Richard A. Brealey, Stewart C. Myers, Franklin Allen
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