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Wheat Corporation leased a special tractor on December 31, 2020. The lease agreement stipulated that...

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Accounting

Wheat Corporation leased a special tractor on December 31, 2020. The lease agreement stipulated that Wheat would make a down payment and 10 semiannual lease payments. Wheat will pay $30,000 at the time of lease and the first $6,500 semiannual lease payment was also due at signing. The tractor should be recorded on December 31, 2020, at what amount, assuming an appropriate interest rate of 5%?

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