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What is the balance of lessee company lease liability

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Reference no: EM132580127

Question 1: On January 1, 20X1, Lessee Company entered into a five-year lease which required annual payments of $120,000. The first payment was due at the inception of the lease. The present value of the mini-mum lease payments to initially record the lease was $500,384; the applicable discount rate was 10%. Lessee Company treated the lease as a finance lease under ASC 842. What is the balance of Lessee Company's lease liability immediately after the January 1, 20X2 payment was made?

Multiple Choice

Option 1: $430,422

Option 2: $298,422

Option 3: $380,384

Option 4: $260,384

Reference no: EM132580127

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