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Find amount that should be reported by sheridan corporation

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Question - On December 31, 2021, Sheridan Corporation leased a ship from Fort Company for an eight-year period expiring December 30, 2029. Equal annual payments of $480000 are due on December 31 of each year, beginning with December 31, 2021. The lease is properly classified as a finance lease on Sheridan's books. The present value at December 31, 2021 of the eight lease payments over the lease term discounted at 9% is $2895816. Assuming all payments are made on time, find the amount that should be reported by Sheridan Corporation as the total liability for finance leases on its December 31, 2022 balance sheet?

a. $2153239.

b. $2895816.

c. $2880000.

d. $2415816.

Reference no: EM132737327

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