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What amount that should be reported by Lessee Corporation

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Reference no: EM132926488

Problem - On December 31, 2020, Lessee Corporation leased a ship from Lessor Company for an eight-year period expiring December 30, 2028. Equal annual payments of $250,000 are due on December 31 of each year, beginning with December 31, 2020. The lease is properly classified as a finance lease on Lessee's books. The present value at December 31, 2020 of the eight lease payments over the lease term discounted at 10% is $1,467,107. Assuming all payments are made on time, what the amount that should be reported by Lessee Corporation as the total liability for finance leases on its December 31, 2021 balance sheet?

Reference no: EM132926488

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