Reference no: EM132746688
Question: On January 1, 2015 a city entered into the following leases for equipment items. Each of the leases qualifies as a capital lease. Initial payments are on December 31, 2015. An interest rate of 10 percent is viewed as appropriate No bargain purchase options exist
Fund Annual Payment Total Payments Present Value of Total Payments
General (5 year life) $8,000 $40,000 $33,350
Enterprise ( 6 year life) $6,000 $36,000 $28,750
a. What balances should be reported on government-wide financial statements for December 31, 2015 and the year then ended?
b. What balances should be reported on fund financial statements for December 31, 2015, and the year then ended?
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