On December 31,2024, Marin Corporation signed a 5-year, non-cancelable lease for a machine. The terms...
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On December Marin Corporation signed a year, noncancelable lease for a machine. The terms of the lease called for Marin to make annual payments of $ at the beginning of each year, starting December The machine has an estimated useful life of years and a $ unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Marin uses the straightline method of depreciation for all of its plant assets. Marin's incremental borrowing rate is and the lessor's implicit rate is unknown. a what type of lease is this? b Compute the present value of the lease payments. c prepare all necessary journal entries for Marin for this lease through December
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