Question: BBB Leasing purchased a machine for $370,000 and leased it to Jack Tupp Auto Repair on January 1, 2021. Lease description: Quarterly rental payments $22,186

BBB Leasing purchased a machine for $370,000 and leased it to Jack Tupp Auto Repair on January 1, 2021.

Lease description:
Quarterly rental payments $22,186 at beginning of each period
Lease term 5 years (20 quarters)
No residual value; no BPO
Economic life of machine 5 years
Implicit interest rate 8%
Fair value of asset $370,000

What is the balance in the lease payable account after the April 1, 2021, lease payment?

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