Marin Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date   January 1, 2020 Lease term   5 years Fair value of equipment Jan. 1, 2020   $160,000 Economic life of leased equipment   7 years Annual rental payments starting Jan. 1, 2020   $28,200 Option to purchase at the end of the term   none Depreciation method   Straight-line Residual value   none Marin’s incremental borrowing rate   8% Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.     (2) a financial calculator, or (3) Excel functions,  The amount of the right-of-use asset Please kindly provide how to get this solution within excel step by step thank you in advance

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Marin Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement.

Inception date   January 1, 2020
Lease term   5 years
Fair value of equipment Jan. 1, 2020   $160,000
Economic life of leased equipment   7 years
Annual rental payments starting Jan. 1, 2020   $28,200
Option to purchase at the end of the term   none
Depreciation method   Straight-line
Residual value   none
Marin’s incremental borrowing rate   8%


Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.
 
 
(2) a financial calculator, or (3) Excel functions, 

The amount of the right-of-use asset

Please kindly provide how to get this solution within excel step by step thank you in advance

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