Question: Sunland Ltd . , which has a calendar year end, entered into an equipment lease on June 1 , 2 0 2 3 , with

Sunland Ltd., which has a calendar year end, entered into an equipment lease on June 1,2023, with Sheridan Financing Limited. The lease term is two years and requires payments of \(\$ 5,000\) at the end of each month beginning September 30. The stated rate of interest in the lease is \(6\%\). As an incentive for entering into the contract, Sheridan has agreed to forgive the first three payments under the lease (June, July, and August).(b)Your answer is incorrect. Calculate the amount that Sunland should record for the lease obligation on June 1,2023. Hint: Calculate the present value of the monthly payments as at September 1,2023, and then discount this amount to June 1,2023.(Round intermediate calculations and final answer to 2 decimal places, e.g.5,275.25. Round interest rate per period to 2 decimal places, e.g.1.25\%.)
Sunland Ltd . , which has a calendar year end,

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