On december 31 2007 parks co leased a machine from colt for

Reference no: EM13596621

On December 31, 2007, Parks Co. leased a machine from Colt for a five-year period. Equal annual payments under the lease are $210,000 are due on December 31 of each yar. The first payment was made on December 31, 2007, and the second payment was made on December 31, 2008. The five lease payments are discounted at 10% over the lease term. The present value of the minimum lease payments at the inception of the lease and before the first annual payment was $834,000. Parks appropriately accounts for the lease as a capital lease. In its December 31, 2008 balance sheet, Parks should report a lease liability?

Reference no: EM13596621

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