Lessee Company enters into a lease on January 1, 2021, that is accounted for as a finance lease. The lease calls for quarterly payments of $20,000, beginning on January 1, 2021, and continuing for 5 years. The last payment is due on October 1, 2025. The lease has an implicit annual interest rate of 11%. The present value of an annuity due at 11% per period for 5 periods is 4.102; the present value of an annuity due at 2.75% per period for 20 periods is 15.646. What amount will Lessee report as lease payable (not including accrued interest) in its financial statements dated December 31, 2021? Choices are 312920 410245 243134 256091

Lessee Company enters into a lease on January 1, 2021, that is accounted for as a finance lease. The lease calls for quarterly payments of $20,000, beginning on January 1, 2021, and continuing for 5 years. The last payment is due on October 1, 2025. The lease has an implicit annual interest rate of 11%. The present value of an annuity due at 11% per period for 5 periods is 4.102; the present value of an annuity due at 2.75% per period for 20 periods is 15.646. What amount will Lessee report as lease payable (not including accrued interest) in its financial statements dated December 31, 2021? Choices are 312920 410245 243134 256091

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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