What amounts would be presented in the balance sheet

Reference no: EM133474378

Case: On January 1, the first day of its accounting year, Lessor Inc., leased certain equipment at an annual payment of $6,153, receivable at the beginning of each year for 10 years. The first payment was received immediately. The equipment has an estimated useful life of 12 years and no residual value. Lessor's implicit rate is 6%. Lessor had no other costs associated with this lease and properly classified the lease as a sales-type lease. The leased equipment was carried on Lessor Inc.'s books at $39,000.

Question: What amounts would be presented in the balance sheet as of December 31 related to this lease?

Reference no: EM133474378

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