Reference no: EM132486220
Question - Swifty Corporation entered into an operating lease to lease equipment from Highlander, Inc. on January 1, 2020. The lease calls for annual lease payments of $13,000, beginning on December 31, for each of the 5 years of the lease. In addition, Highlander, Inc. will pay Swifty Corporation $4,000as a cash incentive for entering the lease by December 31. In relation to the lease agreement, Swifty incurred the following costs.
Commissions for selling agents $600
Internal engineering costs 500
Legal fees resulting from the execution of the lease 2,800
Swifty's incremental borrowing rate is4%. If the value of the lease liability is $60,189, what amount will Swifty record as the value of the right-of-use asset on January 1, 2020, at commencement of the operating lease?
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