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Problem - On December 31, 2019, Sheridan Company leased machinery from Terminator Corporation for an agreed upon lease term of 3 years. Sheridan agreed to make annual lease payments of $17,500, beginning on December 31, 2019. The expected residual value of the machinery at the end of the lease term is $8,750. Sheridan guarantees a residual value of $8,750 at the end of the lease term, which equals the expected residual value of the machinery. What amount will Sheridan record as its lease liability if the expected residual value at the end of the lease term is $4,750 and Sheridan guarantees a residual of $8,750. Its incremental borrowing rate is 8% and the implicit rate of the lease is unknown?
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