On june 30 2011 georgia-atlantic inc leased a warehouse

Reference no: EM13597691

On june 30, 2011, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreemtne call for Georgia-Atlantic to make semiannual lease payments of $568,907 over a three-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2011.Georgia-Atlantic's incremental borrowing rate is 10%, the same rate IC uses to calculate lease payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year. the fair of the warehouse is $3 million. determine the present value of the lease paymentsat June 30, 2011 that Georgia Atlantic uses to record the leased asset and lease liability.

Reference no: EM13597691

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