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Wet paint company signed a ten-year lease agreement on

Question

Wet Paint Company signed a ten-year lease agreement on January 1, 2015. The lease requires payments of $65,000 per year every December 31.

Wet Paint estimates that the leased property has a life of 11 years. The interest rate that applies to the lease is 12%.

If a balance sheet is presented on January 1, 2015, what amounts related to the lease will appear on the balance sheet?

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