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Accounting

please explain i need to understand the process thank you!
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Taylor's tractor-traller rigs sell for $152,000. A customer wishes to buy a rig on a lease purchase plan over seven years, with the first payment to be made ot the inception of the lease. Interest is at 11% Required: 6. Compute the amount of the annual lease payment and the gross amount (total payments) due under the lease. b. Compute the amount of interest income eamed by Taylor's for the first year of the lease. Note: Use tables, Excel, or a financial calculator. (FV of \$1, PV of S1. FVA of S1. PVA of \$1. EVAD of S1 and PVAD of \$1) The following information is taken from the 2015 annual report to shareholders of Herme-Finnet (HF) Company. What is the balance in HF's allowance for doubtful accounts at the end of the fiscal years 2015 and 2014, respectively? Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10)

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