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On January 1, 2026, Tandom Company leased some equipment from Johnson Corporation. The terms of...

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Accounting

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On January 1, 2026, Tandom Company leased some equipment from Johnson Corporation. The terms of the lease require annual payments of $40,000 for six years with the first payment being due on December 31,2026 . The interest rate on the lease is 20%, and Tandom Company will amortize the leased asset using the sum-of-the-years'-digits method. A t January 1,2026 , the equipment had a seven year remaining useful life and the lease contract specifies that ownership of the equipment will transfer to Tandom Company at the end of the lease term. calculate the balance in the leased asset account report ed in Tandom Company's December 31,2028 balance sheet. You will need to use the time value of money table fa ctors posted in carmen to answer this question. To access t factors, click modules and then scroll to week 12. Cl ick on s. No credit will be awarded for this question using a mean credit will be awarded for this question using a mean s other than these posted table factors to answer this questi on

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