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Parlor Company manufactures equipment that they sell or lease. On December 31, 20X4, Parlor leased equipment to Liner Company for a five-year period after which ownership of the leased asset will be transferred to Liner. The lease calls for equal annual payments of $60,000, due on December 31 of each year. The first payment was made on December 31, 20X4. The normal sales price of the equipment is $320,000, and cost is $276,000. For the year ended December 31, 20X4, what amount of income should Parlor report from the lease transaction? - $74,000 - $30,000 - $44,000 - $10,000
Sagot :
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