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Question - In the long-term liabilities section of its statement of financial position on December 31, 2022, Bergify Co. reported a lease liability of 75,000, net of the current portion. Payments of 9,000 were made on both January 2, 2023, and January 2, 2024. Bergify 's incremental borrowing rate on the date of the lease was 11% and the lessor's implicit rate, which was known to Bergify, was 10%.
In its December 31, 2023's Statement of Financial Position, what amount should Bergify report as to lease liability, net of the current portion?
A. 66,000
B. 73,500
C. 73,636
D. 74,250
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