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What amount will Sarasota record as the value

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Problem - Sarasota Corporation entered into a finance lease to lease equipment from Highlander, Inc. on January 1, 2020. The lease calls for annual lease payments of $10,000, beginning on December 31, 2020 for each of the 5 years of the lease. In addition, Highlander, Inc. will pay Sarasota Corporation $2,800 as a cash incentive for entering the lease by January 1, 2020. In relation to the lease agreement, Sarasota incurred the following costs.

Commissions for selling agents $900

Internal engineering costs 500

Legal fees resulting from the execution of the lease 2,600

If the value of the lease liability is $45,460, what amount will Sarasota record as the value of the right-of-use asset on January 1, 2020, at commencement of the lease?

Reference no: EM132838990

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