Reference no: EM132697898
Problem 1: On January 1, 2020, Dean Corporation signed a five-year noncancelable lease for a machine. The lease terms required Dean to make annual payments of $20,000 with the first annual payment due on December 31, 2020. At the end of the lease, title to the machine will pass to Dean. The machine has an estimated useful life of eight years and no salvage value. Dean uses the straight-line method of depreciation for all of its fixed assets. Dean accounted for this lease transaction as a long-term finance lease and used an interest rate of 4%. For the year ending December 31, 2020, Dean should record interest expense and amortization expense, respectively, of
a. $3,561,$11,130
b. $11,130, $3,704
c. $3,561, $17,807
d. $3,704, $11,130
e. $3,704, $11,130
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