On January 2, 2021, Crane, Inc. signed a 10-year noncancelable lease for a heavy duty drill press. The lease stipulated annual payments of $290000 starting at the beginning of the first year, with title passing to Crane at the expiration of the lease. Crane treated this transaction as a finance lease. The drill press has an estimated useful life of 15 years, with no salvage value. Crane uses straight-line amortization for all of its plant assets. Aggregate lease payments were determined to have a present value of $1861121, based on implicit interest of 9%. In its 2021 income statement, what amount of amortization expense should Crane report from this lease transaction?

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.

(a) when insurance is obtained through a reciprocal insurer, the insureds are sharing the risk of loss with other subscribers of that reciprocal.

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a

explanation: