Marin Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date January 1, 2020 Lease term 5 years Fair value of equipment Jan. 1, 2020 $160,000 Economic life of leased equipment 7 years Annual rental payments starting Jan. 1, 2020 $28,200 Option to purchase at the end of the term none Depreciation method Straight-line Residual value none Marin’s incremental borrowing rate 8% Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. (2) a financial calculator, or (3) Excel functions, The amount of the right-of-use asset Please kindly provide how to get this solution within excel step by step thank you in advance
Marin Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement. Inception date January 1, 2020 Lease term 5 years Fair value of equipment Jan. 1, 2020 $160,000 Economic life of leased equipment 7 years Annual rental payments starting Jan. 1, 2020 $28,200 Option to purchase at the end of the term none Depreciation method Straight-line Residual value none Marin’s incremental borrowing rate 8% Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. (2) a financial calculator, or (3) Excel functions, The amount of the right-of-use asset Please kindly provide how to get this solution within excel step by step thank you in advance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marin Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement.
Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.
Inception date | January 1, 2020 | |
Lease term | 5 years | |
Fair value of equipment Jan. 1, 2020 | $160,000 | |
Economic life of leased equipment | 7 years | |
Annual rental payments starting Jan. 1, 2020 | $28,200 | |
Option to purchase at the end of the term | none | |
Straight-line | ||
Residual value | none | |
Marin’s incremental borrowing rate | 8% |
Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.
(2) a financial calculator, or (3) Excel functions,
The amount of the right-of-use asset |
Please kindly provide how to get this solution within excel step by step thank you in advance
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