Compute the amount reported as Lease Payable

Reference no: EM132709705

Problem - Anderson Consulting leased machinery from Red Inc. on July 1, 2018. The lease was recorded as a finance lease. The present value of the lease payments discounted at 9% was $445,000. Ten annual lease payments of $63,615 are due each July 1 beginning July 1, 2018. On December 31, 2018 compute the amount reported as Lease Payable on the Balance Sheet?

Reference no: EM132709705

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