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How much should the gross lease receivable

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Question - On August 1, 2021, DASHER Company leased a machine to SANTA Company for a 6-year period requiring payments of 100,000 at the end of each year. The machine cost 480,000, with an economic life of eight years and no residual value. DASHER's implicit interest rate is 10% and present value factors are as follows: Present value of annuity due of P1 at 10% for 6 periods - 4.791; Present value of an annuity of P1 at 10% for 8 periods - 5.868. DASHER recorded the lease as a direct financing lease.

REQUIRED - At the inception of the lease, how much should the gross lease receivable account balance be?

Reference no: EM133088600

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