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20. Becker Company leases a piece of machinery to Thorp Company on January 1, 2017, under the following terms: -The lease is to be for
20. Becker Company leases a piece of machinery to Thorp Company on January 1, 2017, under the following terms: -The lease is to be for 4 years with rental payments of $12,471 to be made at the beginning of each year. -The machinery' has a fair value of $67,000, a book value of $50,000 and an economic life of 10 years. -The residual value is $25,000 and IS NOT guaranteed -The lease does not transfer ownership at the end of the lease term, does not have any bargain purchase options, and the asset is not of a specialized nature. -The implicit rate is 5%, which is known by Thorp. -What is the fiscal year 2017 Right-of-Use Asset balance
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