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Amelia Company leased a warehouse from Island Industries on July 1 , 2 0 2 4 , in a finance lease. The present value of

Amelia Company leased a warehouse from Island Industries on July

1, 2024,

in a finance lease. The present value of the lease payments discounted at

10 %

was $

162, 217 .

Ten annual lease payments of $

24, 000

are due each July

1,

beginning July

1, 2024 .

Island had constructed the building recently for $

132, 000

and its retail fair value was $

162, 217 .

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