74. On December 31, 2025, Kuhn Corporation leased a plane from Bell Company for a seven-year period expiring December 31, 2032. Equal annual payments of $450,000 are due on December 31 of each year, beginning with December 31, 2025. The lease is properly classified as a finance lease on Kuhn's books. The present value at December 31, 2025 of the eight lease payments over the lease term discounted at 10% is $2,640,789. Assuming the first payment is made on time, the amount that should be reported by Kuhn Corporation as the lease liability on its December 31, 2025 balance sheet is

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.