Reference no: EM131266616
A lease of a plant asset was signed on January 1 several years ago and was appropriately capitalized by both parties. At 12/31 of the current year, the lessee (using the net method) reports a $400,000 lease liability balance in its balance sheet. At the same date, the lessor reports a $460,000 gross lease receivable balance, and a $60,000 unearned interest contra account balance, in its balance sheet. The interest rate implicit in the lease is 6% and annual lease payments are due each Dec. 31. Choose the correct statement.
a. lessee will reduce its lease liability $24,000 next year
b. lessor will report $24,000 of interest revenue next year
c. lessee will report $27,600 of interest expense next year
d. lessor will receive a $27,600 lease payment next year
e. lessor will report $27,600 of interest revenue next year
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