2. For a while, Unich Inc. has maintained a policy of acquiring company equipment by leasing. On January 1, 2012, Unich entered into a lease with Rivertown Fab for a new concrete truck that had a selling price of $450,000. The lease stipulates that annual payments of $71,000 will be made for six years. The first lease payment is made on January 1, 2012, and subsequent payments are made on December 31 of each year. Unich guarantees a residual value of $44,535 at the end of the 6-year period. Unich has an incremental borrowing rate of 12%, and the implicit interest rate to Rivertown is 11% after considering the guaranteed residual value. The economic life of the truck is eight years. Unich uses the calendar year for reporting purposes and straight-line depreciation to depreciate other equipment. Instructions:
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