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Compute the annual payment for the lessor

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Problem - Recording Sales-Type Lease, Unguaranteed Residual Value-Lessor - Flint Company leased equipment to Land Company for a five-year period. Flint paid $46,965 for the equipment, its current carrying value (estimated useful life five years). The lease started onjanuary 1, 2020. Flint uses a target rate of return of 8% in all lease contracts. The first payment was on January 1, 2020, and the accounting periods end on December 31. The equipment reverts to the lessor at the end of the lease term at which time the lessor estimates that the equipment will have an unguaranteed residual value of $2,000.

Required -

a. Compute the annual payment for the lessor.

b. Prepare an amortization schedule of the lease receivable for the lessor.

Reference no: EM132699273

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