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Leased AssetHopper Corporation signed a ten-year c

Leased AssetHopper Corporation signed a ten-year capital lease on January 1, 2008. The lease requires annualpayments of $8,000 every December 31.Required1. Assuming an interest rate of 9%, calculate the present value of the minimum lease payments.2. Explain why the value of the leased asset and the accompanying lease obligation are notreported on the balance sheet initially at $80,000.

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