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Problem 15-8 2010fs - flows that go toward reducing...

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P15-8 2010 Financial statements LESSEE Balance Sheet item $ Amount Leased equip –noncurr 365,760 Less: Acc. depr. –noncurr (85,190) 280,570 Lease payable-current 80,766 Lease payable-noncurr 111,570 Income Statement Item $ Amount Interest expense 26,576 Depreciation expense 85,190 NOTE: The current portion of the lease payable/receivable = following year’s cash
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Unformatted text preview: flows that go toward reducing principal balance. LESSOR Balance Sheet item $ Amount Lease receivable-curr 192,336 Curr 80,766 Noncurr 111,570 Income Statement Item $ Amount Interest revenue 26,576...
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