Reference no: EM133147157
Question - On January 1, 20x1, POLTROON Co. leased a piece of equipment to COWARD, Inc. Information on the lease is as follows:
Cost of equipment 1,200,000
Useful life of equipment 5 years
Lease term 4 years
Annual rent payable at the end of each year 400,000
Interest rate implicit in the lease 10%
Residual value 80,000
The equipment will revert back to POLTROON at the end of the lease term. The lease is classified as sales type lease.
Required - How much is the gross investment in the lease on January 1, 20x1 assuming the residual value is guaranteed?
a. 1,600,000 ????c. 1,520,000
b. 1,680,000 ????d. 1,267,948
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