Question: I need help with finding the Lease Liability Assume that on December 31, 2019, Teal Mountain Aerospace signs a B-year, non-cancelable lease agreement to lease

Assume that on December 31, 2019, Teal Mountain Aerospace signs a B-year, non-cancelable lease agreement to lease a hanger from Aero Field Management Company. The following information pertains to this lease agreement: 1 2. 3 3. The agreement requires equal rental payments of $164,588 beginning on December 31, 2019. The fair value of the building on December 31, 2019 is $1.114,500, The building has an estimated economic life of 10 years, a guaranteed residual value of $49,600, and an expected residual value of $34,900. Teal Mountain depreciates similar buildings on the straight-line method. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor Teal Mountain's incremental borrowing rate is 6% per year. The lessor's implicitrate is not known by Teal Mountain 4. 5. Suppose that in addition to the $164,588 annual rental payments, Teal Mountain is also required to pay $12,600 for insurance costs each year on the building directly to the lessor, Aero Field. How would this executory cost affect the initial measurement of the lease liability and right-of-use asset? (Round answer to O decimal places, e.g. 5,275.) Lease liability $
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