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What amount should rafferty include in current liabilities

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Question 1: On December 30, year 1, Rafferty Corp. leased equipment under a finance lease. Annual lease payments of 20,000 are due December 31 for ten years. The equipment's useful life is ten years, and the interest rate implicit in the lease is 10%. The finance lease obligation was recorded on December 30, year 1, at 135,000, and the first lease payment was made on that date. What amount should Rafferty include in current liabilities for this finance lease in its December 31, year 1 balance sheet?

Option a. 6,500

Option b. 8,500

Option c. 11,500

Option d. 20,000

Reference no: EM132575810

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