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What is the amount of Riverwood Ltd first year

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Reference no: EM132529201

Question - Whiterun Ltd owned a boat that has an economic useful life of 6 years as at 1 July 2020. On 1 July 2020 the company leased the boat to Riverwood Ltd for three years. Whiterun Ltd recognised this lease as a finance lease and recorded a lease receivable valued at $58 784. The annual lease payment is $20,000. Lease payments are to be made annually and in arrears. The interest rate implicit in the lease for Riverwood Ltd is 5%. What is the amount of Riverwood Ltd's first year's interest expense?

Reference no: EM132529201

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