On January 1, 2010, Everton Company leased equipment under a 3-year lease with payments of $10,000 on January 1, 2010, 2011, and 2012. The present value of the lease payments at a discount rate of 9% is $27,591, which includes the immediate cash payment on January 1, 2010. If the lease is considered an operating lease, how much is rent expense for 2010?

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The Answer of On January 1, 2010, Everton Company leased equipment under a 3-year lease with payments of $10,000 on January 1, 2010, 2011, and 2012. The present value of the lease payments at a discount rate of 9% is $27,591, which includes the immediate cash payment on January 1, 2010. If the lease is considered an operating lease, how much is rent expense for 2010?

On January 1, 2010, Everton Company Leased Equipment Under a 3-Year