What is the residual value amount that would be included

Reference no: EM133609784

Question: Miller Company leased equipment from Baxter Company on July 1, 2025, for an eight- year period expiring June 30,2033 . One of the lease terms is a guaranteed residual amount of $10,000. The residual expected by Miller will be $7,500. The lease meets the criteria of a finance lease. What is the residual value amount that would be included in the calculation of Miller's lease liability/right-of use asset?

Reference no: EM133609784

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