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What is the income statement impact of the lease

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On January 1, 2020, Hawkeye Air leased a new airplane for 5years. The expected life of the airplane is 20 years. The lease stipulates that Hawkeye Air makes annual payments of $1,085,923 payable at the beginning of each year. Hawkeye Air has an incremental borrowing rate of 4.3%. Hawkeye Air has an option to renew the lease with a 2% increase in the lease payment.

Problem 1: What is the income statement impact of the lease for 2020?

Reference no: EM132856734

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