On January 1, 2014, TA acquired a machine (for leasing purposes)for $52,000 cash.The machine had an estimated eight-year useful life and no residual value.On January 1, 2014, the machine was leased to LTB on an eight-year direct financing lease that required year-end annual rentals of $9,395 starting on December 31, 2014.The lessor's implicit interest rate was (rounded to the nearest percent)%.

Question

Quizplus · Accepted Answer

The Answer of On January 1, 2014, TA acquired a machine (for leasing purposes)for $52,000 cash.The machine had an estimated eight-year useful life and no residual value.On January 1, 2014, the machine was leased to LTB on an eight-year direct financing lease that required year-end annual rentals of $9,395 starting on December 31, 2014.The lessor's implicit interest rate was (rounded to the nearest percent)%.

On January 1, 2014, TA Acquired a Machine (For Leasing