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How much is the lease liability on december

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Question - On January 1, 2019. P Corp entered into a 10-year lease. Annual lease payments are 1,000,000 payables at the end of each year. The lessor expects a 10% return on the lease. If the equipment is to have a guaranteed residual value of 500,000 at the end of the lease, how much is the lease liability on December 31, 2019?

a) 5,754,000

b) 5,968,000

c) 6,335,000

d) 6,140,000

Reference no: EM133036368

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