On January 1, 2022, King Cones signed a long-term finance lease for a manufacturing facility....
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On January 1, 2022, King Cones signed a long-term finance lease for a manufacturing facility. The terms of the lease required King to pay $10,000 annually, beginning December 31, 2022, and continuing each year for 12 years. On January 1, 2022, the present value of the lease payments is $75,361 discounted at the 8% interest rate implicit in the lease. What amount should be shown for the lease payable on King Cones balance sheet at December 31, 2022?
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