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Crane Leasing Company signs an agreement on January 1, 2025, to lease equipment to Cullumber Company. The followinginformation relates to this agreement.1. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6years.2. The cost of the asset to the lessor is 341,000. The fair value of the asset at January 1, 2025, is341,000.3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to
Crane Leasing Company signs an agreement on January 1, 2025, to le…
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