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What haber should record a lease liability of

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On December 30, 20x5, Haber Co. leased a new machine from Gregg Corp. The following data relate to the lease transaction at the inception of the lease:

Lease term - 10 years
Annual rental payable at the end of each lease year - 100,000
Useful life of machine - 12 years
Implicit interest rate - 10%

Problem 1: The lease has no renewal option, and the possession of the machine reverts to Gregg when the lease terminates. At the inception of the lease, Haber should record a lease liability of? show the solution and explain.

Reference no: EM132788454

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