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An asset with a cost of $80,000 is leased on 1/1/x1. The lease is a salestype lease for the lessor. Six annual lease payments are
An asset with a cost of $80,000 is leased on 1/1/x1. The lease is a salestype lease for the lessor. Six annual lease payments are due on December 31 beginning on 12/31/x1. The asset will have no residual value. The lessor sets a rate of return of 8% and charges the lessee annual lease payments of $20,550. Present value factor of an ordinary annuity for six years at 8% 4.62288 Present value factor of an annuity due for six years at 8% 4.99271 Present value factor of a single sum for a sixyear term at 8% .63017 In the journal entry at the inception of the lease under the gross method, what amount does the lessor credit to unearned interest
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