Simpson Leasing leases equipment to Chang Manufacturing. The fair market value of the equipment is $253,130. Lease
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Simpson Leasing leases equipment to Chang Manufacturing. The fair market value of the equipment is $253,130. Lease payments, excluding executory costs, are $40,000 per year, payable in advance, for 10 years. What is the implicit rate of interest Simpson Leasing should use to record this capital lease on its books?
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Related Book For 
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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