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On January 1, 2018, Harvey Company entered into a five-year lease, which required annual payments of $60,000. The first
Posted: Thu May 19, 2022 2:09 pm
by answerhappygod
- On January 1 2018 Harvey Company Entered Into A Five Year Lease Which Required Annual Payments Of 60 000 The First 1 (234.55 KiB) Viewed 110 times
On January 1, 2018, Harvey
Company entered into a five-year lease, which required annual payments of $60,000. The first payment was due at the inception of the lease. The present value of the minimum lease payments to record the lease was $350,195; the applicable discount rate was 10%. Harvey
Company treated the lease as a capital lease under ASC 840. What is the balance of Lessee
Company's lease liability as of December 31, 2018? $309,211 $375,211 $290,195 sö ö $350,195 O Cannot be determined