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What was the total expense related to this lease

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Question - On January 1, 2012, Singhai Ltd. signed a three-year lease on a delivery truck. The lease requires annual payments of $29,103, which are due at the end of each year. Singhai's managers computed the present value of the lease payments as $75,000 using an effective interest rate of 8%. Singhai had to use capital lease accounting treatment for the truck.

What was the total expense related to this lease during the fiscal year ended December 31, 2012?

$31,000

$29,103

$25,000

$6,000

$0

Reference no: EM132482055

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