Question: i need the answer quickly Date Page Computing lease Lobility Lessee compeny entesa into a 6-year finence lease of non- specialized equipment with Lessor Company

i need the answer quicklyi need the answer quickly Date Page Computing lease Lobility Lessee compeny

Date Page Computing lease Lobility Lessee compeny entesa into a 6-year finence lease of non- specialized equipment with Lessor Company on January 1, 2020. Lessee has agreed to pay $ 44800 annually beginning immediately on January 4, 2030. The lessor estimates the residued volve of the oquipment to be $8000 at lease end. but the lessee has not guaranteed the residual volue. The economic Life of the lassest is 7 years. The lessee's incrementel borrowing Rote is 7olo and the lessoris implicit Rote is note readily determinable [by the lessee Company what is the velle of the lease liability on January 1 2020, lassuming that the lease is properly classified as a finance lease

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!