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Business, 20.09.2020 14:01 kitttimothy55

On January 1, 2018, Gemini Corporation leased equipment under a finance lease designedto earn the lessor a 12% rate of return for providing long-term financing. The lease agreementspecified ten annual payments of $225,000 beginning January 1, and each December 31thereafter through 2026. A 10-year service agreement was scheduled to provide maintenance ofthe equipment as required for a fee of $15,000 per year. Insurance premiums of $12,000 annuallyare related to the equipment. Both amounts were to be paid by the lessor and the lease paymentsreflect both expenditures. At what amount will Gemini record a right-of-use asset

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