Mason Ltd., a private corporation adhering to ASPE, enters into a non-cancellable lease agreement on July 1, 2023, to lease equipment from Chang Ltd. The following data are relevant to the lease agreement: 1. The term of the lease is 4 years, with no renewal option. Payments of $126,807 are due on June 30 of each year, with the first payment due June 30, 2024. 2. The fair value of the equipment on July 1, 2023 is $420,000. The equipment has an economic life of 6 years with no residual value. 3. Mason depreciates similar equipment it owns on straight-line basis. 4. The lessor used an implicit rate of 8% in calculating the lease payments. Instructions

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.