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What is the implicit rate

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Problem - Plessings Company leased a piece of machinery to? Banana, Inc. on January? 1, 2019. The lease is correctly classified as a sales-type lease. Plessings will receive three annual lease payments of $ 20,900?, with the first one received on January? 1, 2019. There is no guaranteed or unguaranteed residual value. The fair value of the machine is? $50,000 and Plessings incurs initial direct costs of? $5,000. What is the implicit rate assuming the initial direct costs are? expensed?

Reference no: EM132867981

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