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Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $2,000 purchase option is reasonably certain to be exercised at the end of the five-year lease. The asset has an expected economic life of eight years.
-What is the outstanding balance after payment 5?
Common Law
A legal system based on custom and court rulings as opposed to written laws passed by a legislature.
Assignor
An individual or entity that transfers rights or interests in a contract to another, known as the assignee.
Implied Warranty Of Merchantability
An assurance, inferred in every sale unless clearly disclaimed, that merchantable goods will conform to a reasonable performance expectation for goods of their kind.
Merchant
A person who deals in goods of the kind or by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction, or a person who employs an intermediary who, by her occu- pation, holds herself out as having such knowledge or skill.
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