Reference no: EM132957289
Question - On December 31, 2019, the BH office leased a copier, promising to pay $100,000 immediately and $100,000 each year over the next two years (i.e., $300,000 in total).
The interest rate implicit in the lease was 5%, compounded annually. Assume straight-line depreciation is used for three years, with no salvage value.
At the inception of the lease, what is the amount we would report for Right-to-Use Asset?
If we treat this as a finance lease, what is the total expense on the IS in Year 2 (ending 12/31/21)?
If we treat this as a capitalized operating lease, what is the ending balance for Right-to-Use Asset (Capitalized operating lease asset) on 12/31/2020?
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