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Sage Hill AG leases an automobile with a fair value of €23,171 from Simon Motors, on the following terms.
1. Non-cancelable term of 50 months.
2. Rental of €500 per month (at the beginning of each month). (The present value at 0.5% per month is €22,182.)
3. Sage Hill guarantees a residual value of €1,190 (the present value at 0.5% per month is €538). Sage Hill expects the probable residual value to be €1,190 at the end of the lease term.
4. Estimated economic life of the automobile is 60 months.
5. Sage Hill's incremental borrowing rate is 6% a year (0.5% a month). Simon's implicit rate is unknown.
Problem 1: What is the present value of the lease payments to determine the lease liability?
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