Q1) | ||||||||
The lease obligation should be recorded at the present value of minimum lease payment | ||||||||
The interset expenses would be = lease obligation * effective interest rate | ||||||||
= $813124 *10% | ||||||||
=$81312 | ||||||||
Therefore the last option is correct. | ||||||||
Q2) | The lease obligation should be recorded at the present value of minimum lease payment | |||||||
Beginning Lease Obligation | $ 29,34,209 | |||||||
Add: | $ 2,93,421 | |||||||
Interest on lease obligation | ||||||||
($2934209*10%) | ||||||||
Less: Annual Lease Payment | $ -5,50,000 | |||||||
Therefore lease obligation to be | $ 26,77,630 | |||||||
reported on 31st December 2019 | ||||||||
Therefore the THIRD option is correct. | ||||||||
cuate Accounting, 16e INTERMEDIATE ACCOUNTING (ACC301/3 • Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER...
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