.) On January 1, 2022, Buxton Corp. signed a 6 year lease. Buxton Corp. will make payments of $96,525 each year on January 1st, with the first payment made on the day the lease was signed. If the lease payments had an initial present value of $462,431 and Buxton Corp's incremental interest rate is 10%, how much interest expense will the company recognize on its 2022 income statement from this finance lease? (IFO 13 & 15) $46.243 O $36,591 O $0 O $96,525

.) On January 1, 2022, Buxton Corp. signed a 6 year lease. Buxton Corp. will make payments of $96,525 each year on January 1st, with the first payment made on the day the lease was signed. If the lease payments had an initial present value of $462,431 and Buxton Corp's incremental interest rate is 10%, how much interest expense will the company recognize on its 2022 income statement from this finance lease? (IFO 13 & 15) $46.243 O $36,591 O $0 O $96,525

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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