Photo from shiyalsuresh901 On January 1, 2023, Blossom Corp. enters into an agreement with Nicki Rentals Inc. to lease a machine from them. Both corporationsadhere to ASPE. The following data relate to the agreement:1.The term of the non-cancellable lease is three years with no renewal option. Payments of $543000 are due on December 31of each year.2.The fair value of the machine on January 1, 2023, is $1395000. The machine has a remaining economic life of 10 years, withno residual value. The machine reverts to the lessor upon the termination of the lease.3.Blossom depreciates all its machinery on a straight-line basis.4.5.Blossom's incremental borrowing rate is 10%. Blossom does not have knowledge of the 8% implicit rate used by Nicki.Immediately after signing the lease, Nicki discovers that Blossom is the defendant in a lawsuit that is sufficiently material tomake collectibility of future lease payments doubtful.Click here to view the factor table.From Blossom's viewpoint, what type of lease is this?other finance leaseoperating leaseO finance lease◇ manufacturer or dealer lease

A lease is an agreement whereby the lessor give right to use an asset to the lessee in return for a…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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From Blossom's viewpoint, what type of lease is this? other finance lease operating lease O finance lease manufacturer or dealer lease