ACC Int II CH 15

Kyle Consulting leased machinery from Red Inc. on January 1, 2018. The lease was recorded as an operating lease. The present value of the lease payments discounted at 12% was $843,000. Eight annual lease payments of $133,212 are due each Jan 1 beginning January 1, 2018. On December 31, 2018 the amount reported as Amortization Expense on the Income Statement will be $_____