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Bodie Investments leased equipment from a leasing company on January 1, 2018 in a finance...

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Accounting

Bodie Investments leased equipment from a leasing company on January 1, 2018 in a finance lease.. The present value of the lease payments discounted at 11% was $71,790. Ten semi-annual lease payments of $8,670 are due each July 1 and December 31, beginning July 1, 2018. On December 31, 2018, what is the interest expense on the July 1 payment?

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