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What amount should R report as recorded lease liability

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Question - R Corp. entered into a nine-year finance lease on a warehouse on December 31, 2018. Lease payments of $26,000, which includes maintenance services of $1,000, are due annually, beginning on December 31, 2019 and every December 31 thereafter. R doesn't know the interest rate implicit in the lease; R's incremental borrowing rate is 9%. The rounded present value of an ordinary annuity for nine years at 9% is 6.0. What amount should R report as recorded lease liability at December 31, 2018?

Reference no: EM133105708

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