23 On January 1, 20X1, Miriam Company entered into a 10-year noncancelable lease for milling equipment. The lease called for payments of $30,000 starting at the end of the first year. Title will pass to Miriam Company at the expiration of the lease. Miriam accounted for this transaction properly as a finance lease. The equipment has an estimated useful life of 15 years, with no salvage value. The lease payments were determined to have a present value of $180,000, based on an incremental borrowing rate of 10%. In the 20X1 income statement of Miriam Company, what amount of interest expense and amortization expense should Miriam report from this lease transaction? A $12,000 interest and $18,000 amortization B $15,000 interest and $12,000 amortization C C $15,000 interest and $18,000 amortization $18.000 interest and $12.000 amortization

23 On January 1, 20X1, Miriam Company entered into a 10-year noncancelable lease for milling equipment. The lease called for payments of $30,000 starting at the end of the first year. Title will pass to Miriam Company at the expiration of the lease. Miriam accounted for this transaction properly as a finance lease. The equipment has an estimated useful life of 15 years, with no salvage value. The lease payments were determined to have a present value of $180,000, based on an incremental borrowing rate of 10%. In the 20X1 income statement of Miriam Company, what amount of interest expense and amortization expense should Miriam report from this lease transaction? A $12,000 interest and $18,000 amortization B $15,000 interest and $12,000 amortization C C $15,000 interest and $18,000 amortization $18.000 interest and $12.000 amortization

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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