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Determine the amount that should be reported by cullumber

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Question - On December 31, 2021, Cullumber Corporation leased a plane from Bell Company for an 7-year period expiring December 31, 2028. Equal annual payments of $439000 are due on December 31 of each year, beginning with December 31, 2021. The lease is properly classified as a finance lease on Cullumber's books. The present value at December 31, 2021 of the 8 lease payments over the lease term discounted at 10% is $2576236. Assuming the first payment is made on time, determine the amount that should be reported by Cullumber Corporation as the lease liability on its December 31, 2021 balance sheet?

Reference no: EM133188884

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