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Compute the lease receivable amount for ted company

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Question 1: Martin Company leased equipment from Ted Company on June 30, 2019 with the first payment due at the inception of the lease. The lease term is for three years and semiannual lease payments are made on June 30th and December 31st. Amount of semiannual lease payments are $50,000 and the implicit rate is 10%, the rate used to calculate the lease payments. Compute the lease receivable amount for Ted Company at December 31, 2019 rounded to the nearest dollar. Present value tables are presented below.

Present value of an annuity due of $1

Periods 5%

3 2.85941

6 5.32948

Present value of an annuity due of $1

Periods 10%

3 2.73554

6 4.79079

Reference no: EM132574270

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