Image transcription text Leased Assets Koffman and Sons signed a four-year lease for a forklift

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Leased Assets Koffman and Sons signed a four-year lease for a forklift on
January 1, 2017. Annual lease payments of $1,491, based on an interest rate of
6%, are to be made every December 31, beginning with Decembe…
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2. Assume that the lease is treated as a capital lease or finance lease. a.
Identify and analyze the effect when the lease is signed. Activity Investing and
Financing v J Accounts Leased Asset Increase’ Lease Obligation …
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Explain why the value of the leased asset is not recorded at $5,964 ($1,491 x
4). The leased asset should be reported at the present value _ v of the
payments which is $ not at $ Feedback Check My Work Partially …
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How does this entry affect the accounting equation? If a financial statement
item is not affected, select “No Entry” and leave the amount box
blank. If the effect on a financial statement item is negative, i.e, a …
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