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What is the cost of right of use asset

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Question - At the beginning of 2020, VIXEN Company leased an equipment with the following information: Annual rental payable at the end of each year $450,000; residual value guarantee $50,000; Lease incentive received $20,000; Lease term 4 years; Useful life of the equipment 8 years; implicit interest rate 10%; present value of an ordinary annuity of 1 at 10% for 4 periods 3.17; present value of 1 at 10% for 4 periods 0.68. What is the cost of right of use asset?

Reference no: EM133079809

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