On January 1, 2021, Non-Fungible Pet Portraits Inc. (NFPP) leased two private jets for executive use....
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On January 1, 2021, Non-Fungible Pet Portraits Inc. (NFPP) leased two private jets for executive use. The lease requires NFPP to make fifteen annual payments of $15 beginning January 1, 2021. At the end of the lease term, the residual value of the jets is zero. The lease qualifies as a finance lease. The interest rate implicit in the lease is 9%. The annuity due factor for the 9% rate implicit in the lease is 8.786. How much is NFPP's recorded lease liability immediately after the first required payment? (Round to the nearest whole dollar) I Type your answer... On January 1, 2021, Non-Fungible Pet Portraits Inc. (NFPP) leased two private jets for executive use. The lease requires NFPP to make fifteen annual payments of $15 beginning January 1, 2021. At the end of the lease term, the residual value of the jets is zero. The lease qualifies as a finance lease. The interest rate implicit in the lease is 9%. The annuity due factor for the 9% rate implicit in the lease is 8.786. How much is NFPP's recorded lease liability immediately after the first required payment? (Round to the nearest whole dollar) I Type your answer...
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The recorded lease liability is the present value of the ... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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