Reference no: EM133005825
Reagan Company used leases as a method of selling products. In 2021, Reagan Company completed construction of a passenger ferry. On Januarylr 1, 2021, the ferry was leased to the Super Ferry Line on a contract specifying that ownership of the ferry will transfer to the lessee at the end of the lease period.
Original Cost of the Ferry 5,000,000.00
Fair Value of Ferry at lease date 6,104,000.00
Residual Value 600,000.00
Implicit Interest Rate 12%
Lease Term 15.00
PV of Annuity in Advance for 15 yrs @ 12% 7.63
PV of 1 for 15 yrs @ 12% 0.20
Problem 1. financial revenue for this transaction
Problem 2. gross profit for this transaction
Problem 3. carrying amount of lease receivable as of December 31, 2021
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