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On September 30, 2021, Ferguson Imports leased a warehouse. Terms of the lease require Ferguson to make 15 annual lease
Posted: Wed Jul 06, 2022 6:12 am
by answerhappygod
- On September 30 2021 Ferguson Imports Leased A Warehouse Terms Of The Lease Require Ferguson To Make 15 Annual Lease 1 (99.45 KiB) Viewed 11 times
On September 30, 2021, Ferguson Imports leased a warehouse. Terms of the lease require Ferguson to make 15 annual lease payments of $62,000 with the first payment due immediately. Accounting standards require the
company to record a lease liability when recording this type of lease. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Assume a 6% interest rate. What amount should Ferguson record the lease liability on September 30, 2021, before the first payment is made? (Round your final answers to nearest whole dollar amount.) Table or calculator function: Lease Payment: PV of Lease: n = i =