Reference no: EM132767073
On January 1, 2020, Lessor Company leased a machinery to another entity with the following details:
Cost of machinery 2,902,190
Residual value 350,000
Lease term 5 years
Useful life of machinery 5 years
Implicit interest rate 12%
PVF of 12% for 5 years 0.5674
PVFOA of 12% for 5 years 3.6048
There is neither a transfer of title nor a purchase option.
Problem 1. What is the unearned interest income on January 1, 2020?
Problem 2. What is the current portion of lease receivable on December 31, 2020?
Problem 3. What is the noncurrent portion of lease receivable on December 31, 2021?
Problem 4. What is the carrying amount of the lease receivable on December 31, 2023?
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