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Question 1: White Ltd owned a boat that has an economic useful life of 6 years as at 1 July 2020. On 1 July 2020 the company leased the boat to River Ltd for three years. White Ltd recognised this lease as a finance lease and recorded a lease receivable valued at $61 507. In the lease agreement, River Ltd agreed to guarantee $4 000 residual value, $1 000 less than what White had estimated. The lease payment is $20,000. Lease payments are to be made annually and in advance. The interest rate implicit in the lease is the same for both companies at 5%. What is the amount of River Ltd's lease liability on the commencement day of the lease?
Option 1: $40 644
Option 2: $60,644
Option 3: $61 507
Option 4: $41 50
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