I am not sure what I an doing wrong here Ivanhoe Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year periodand requires equal annual payments of $29,300 at the beginning of each year. The first payment is received on January 1, 2020.Ivanhoe had purchased the machine during 2019 for $160,000. Collectibility of lease payments by Ivanhoe is probable. Ivanhoe setthe annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts toIvanhoe at the termination of the lease. Assume that Dexter Corporation does not know the rate implicit in the lease used by Ivanhoe,and Dexter's incremental borrowing rate is 8%. In addition, assume that Dexter incurs initial direct costs of $15,000.Click here to view factor tables.(a)X Your answer is incorrect.Compute the amount of the lease liability and right-of-use asset for Dexter. (For calculation purposes, use 5 decimal places asdisplayed in the factor table provided and round final answers to O decimal places e.g. 5,275.)Lease liabilityRight-of-use asset$$192864207864

Lease refers to the contract under which the one party gives its right to another party to make use…

(a) X Your answer is incorrect. Compute the amount of the lease liability and right-of-use asset for Dexter. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e.g. 5,275.) Lease liability Right-of-use asset $ $ 192864 207864

(a) X Your answer is incorrect. Compute the amount of the lease liability and right-of-use asset for Dexter. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e.g. 5,275.) Lease liability Right-of-use asset $ $ 192864 207864

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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