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Find what is the amount of riverwood ltd lease liability

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Problem 1: Whiterun Ltd leases a boat to Riverwood Ltd. The right to use asset recorded by Riverwood Ltd is valued at $61 507. The lease payment is $20,000 for three years. Lease payments are to be made annually and in advance. Riverwood Ltd guarantees the $5 000 residual value of the boat. What is the amount of Riverwood Ltd's lease liability on the commencement day of the lease?

Option 1: $41 507

Option 2: $61 507

Option 3: $66 507

Option 4: $46 507

Reference no: EM132608806

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