on december 31, 2011, frick corporation

Project Description:

on december 31, 2011, frick corporation leased a ship from frack company for an eight-year period
expiring december 30, 2019. equal annual payments of $200,000 are due on december 31 of each year,
beginning with december 31, 2011. the lease is properly classified as a capital lease on frick 's books. the
present value at december 31, 2011 of the eight lease payments over the lease term discounted at 10% is
$1,173,685. assuming all payments are made on time, the amount that should be reported by frick
corporation as the total obligation under capital leases on its december 31, 2012 balance sheet is
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Price Type: Negotiable

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