Show the balance sheet presentation on december 31

Reference no: EM133474374

Question: Pier10 Inc. entered into a five-year lease and recorded a right-of-use asset and lease liability of $158,400 on January 1. Pier10 Inc. was aware of the lessor's implicit rate of interest of 5%. The equipment under lease had an estimated five-year useful life with no residual value. The first lease payment of $34,844 was due upon commencement of the lease.

Show the balance sheet presentation on December 31, and the income statement presentation for the year ended December 31.

Reference no: EM133474374

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