Business, 30.11.2019 03:31, genyjoannerubiera
On december 31, 2018, burton, inc. leased machinery with a fair value of $1,575,000 from cey rentals co. the agreement is a six-year noncancelable lease requiring annual payments of $300,000 beginning december 31, 2018. the lease is appropriately accounted for by burton as a finance lease. burton's incremental borrowing rate is 11%. burton knows the interest rate implicit in the lease payments is 10%. the present value of an annuity due of 1 for 6 years at 10% is 4.7908. the present value of an annuity due of 1 for 6 years at 11% is 4.6959. in its december 31, 2018 balance sheet, burton should report a lease liability of
a) $1,437,240.
b) $1,408,770.
c) $1,137,240.
d) $1,275,000.
Answers: 1
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On december 31, 2018, burton, inc. leased machinery with a fair value of $1,575,000 from cey rentals...
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