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What amount should N report as recorded lease liability

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Question 1: N Corp. entered into a nine-year finance lease on a warehouse on December 31, 2021. Lease payments of $31,000, which includes maintenance services of $1,500, are due annually, beginning on December 31, 2022, and every December 31 thereafter. N Corp. does not know the interest rate implicit in the lease; N's incremental borrowing rate is 13%. The rounded present value of an ordinary annuity for nine years at 13% is 5.1317. What amount should N report as recorded lease liability at December 31, 2021?

Reference no: EM132605764

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