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Question - On October 31, 20X5, Walsh Corp. (WC) signed a contract to rent an excavator for a 12-month period, details of which are set out below:
Contract term: 12 months
Implicit rate in lease: unknown by WC
WC's incremental borrowing rate: 0.4% per month
Payments: $4,000 per month first due at the commencement date
Useful life: 10 years
Residual value end of lease term: $150,000 (not guaranteed)
Residual value end of useful life: $8,000
Transfer of title: No
WC's policy is to adopt the recognition exemption to expense short-term leases whenever possible. What the journal entry at the inception of the lease would include which of the following?
a. $1.47
b. $1.57
c. $1.45
d. $1.30
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