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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