Reference no: EM132557654
On January 1, 2019, Ginger Rogers Corporation signed a six-year non-cancelable lease for equipment. The terms of the lease called for Ginger Rogers Corporation to make annual payments of $72,000 at the end of each year for six years with title to pass to Ginger Rogers Corporation at the end of this period. The equipment has an estimated useful life of 7 years and a salvage value of $5,000. Ginger Rogers uses the straight-line method of depreciation for all of its fixed assets. The minimum lease payments were determined to have a present value of $313,579 at an effective interest rate of 10%.
Question 1: With respect to this financing lease, for 2019 Ginger Rogers should record (rounded):
a. Rent expense of $72,000.
b. Interest expense of $31,358 and depreciation expense of $51,430.
c. Interest expense of $31,358 and depreciation expense of $44,083.
d. Interest expense of $0 and depreciation expense of $31,358.
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What ginger rogers should record
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