Reference no: EM133182983
Question - At the beginning of current year, Marcos Company sold a machine and immediately lease it back. The following data pertain to the sale and leaseback transaction:
Sale price at below fair value 4,000,000.00
Fair value of machine 5,000,000.00
Carrying amount of machine 3,500,000.00
Annual rental payable at the end of each year 500,000.00
Remaining life of machine 10 years
Lease term 3 years
Implicit interest rate 6%
Present value of an ordinary annuity of 1 at 6% for 3 periods 2.67
Present value of an ordinary annuity of 1 at 6% for 10 periods 7.36
The lease provides for neither transfer of title to the lessee upon lease expiration nor a purchase option that is reasonable certain to be exercised. How much is the initial liability?
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