Phil Company leased a machine to its 100%-owned subsidiary, Scout Company. The direct financing lease required annual lease payments in advance of $2,319 for 5 years. The present value of the minimum lease payments at 8% interest is $10,000
The adjustment needed to arrive at consolidated net income for the first year after the lease is ____. a. $0
b. $800
c. $2,319
d. $10,000
a
Business
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Indicate whether the statement is true or false
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