On jan 12006 a corporation leased equipment to another

Reference no: EM13614319

On Jan. 1,2006 a corporation leased equipment to another corporation. the lease is for 8 yrs. The first payment of $450,000 was made on Jan 1, 2006. the remaining payments are made on Dec. 31 for each following year, beginning with Dec. 31, 2006. The equipment cost the issuing company $2,400,00.the present valve of the minimum lease payments is $2,640,000. The lease is appropiately classified as a sales-type lease. Asuming the interest rate for the lease is 10% what will the balance reported as a liability be by the lessee on dec 31, 2007?

Reference no: EM13614319

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