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Determine the amount of depreciation expense recorded

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Question - On December 31, 2014, Arleen Company enters into a ten-year finance lease agreement for an equipment with Rappel Corporation which requires an annual payment of $80,000, beginning December 31, 2014. The useful life of the machine is ten years. Arleen uses the straight-line depreciation method. Assuming an interest rate of 8 percent per year, determine the amount of depreciation expense recorded by Arleen on December 31, 2015.

A) $80,000

B) $64,000

C) $57,975

D) No depreciation expense will be recognized

E) $53,608

Reference no: EM133183768

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