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On January 1, 2015, Day Corp. entered into a 10-year lease agreement with Ward, Inc. for industrial equipment. Annual lease payments of $10,000 are payable at the end of each year. Day knows that the lessor expects a 10 percent return on the lease. Day has a 12 percent incremental borrowing rate. The equipment is expected to have an estimated useful life of 10 years. In addition, a third party has guaranteed to pay Ward a residual value of $5,000 at the end of the lease. The present value of an ordinary annuity of $1 at 12% for 10 years is 5.6502 10% for 10 years is 6.1446 The present value of $1 at 12% for 10 years is 0.3220 10% for 10 years is 0.3855 On Day's October 31, 2015, balance sheet, the principal amount of the lease obligation was $61,446. $58,112. $56,502. $63,374.
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Assume you have $3,000 in your bank account today and you decide to transfer the money into a special educational deposit, which has been newly introduced by the bank.
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