BBB Leasing purchased a machine for $250,000 and leased it to Jack Tupp Auto Repair on January 1, 2024. Lease description: Quarterly rental payments $16,315 at beginning of each period 5 years (20 quarters) Lease term No residual value; no BPO Economic life of machine Implicit interest rate Fair value of asset What is the balance in the lease payable account after the April 1, 2024, lease payment? 5 years 12% $250,000

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