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Category > Accounting Posted 29 Jul 2017 My Price 9.00

Kern Company

M21-9 On August 1, 2007 Kern Company leased a machine to Day Company for a six-year period requiring payments of $10,000 at the beginning of each year. The machine cost $48,000, which is the fair value at the lease date, and has a useful life of eight years with no residual value. Kern’s implicit interest rate is 10% and present value factors are as follows:

Present value for an annuity due of $1

at 10% for six periods                                                   4.791

Present value for an annuity due of $1

at 10% for eight periods                                                5.868

Kern appropriately recorded the lease as a direct financing lease. At the inception of the lease, the gross lease receivables account balance should be

a. $60,000                                    c. $48,000

b. $58,680                                    d. $47,910

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Maurice Tutor
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Status NEW Posted 29 Jul 2017 02:07 PM My Price 9.00

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