Current Attempt in Progress

Monty Limited has entered into an agreement to lease manufacturing equipment. The following terms are included in the lease:

Lease terms

$5$ years

Payments required monthly on the last day of the month $$3,062$

Leasing interest rate

$6\frac{\%}{?}$ annum

Estimated useful life of equipment

$5$ years

PV of lease payments

$$158,400$

The lease is entered into on January $1,2024.$ The equipment can be purchased for $$165,000.$ The company uses straight$-$line depreciation.

$($b$)$

Question $3$ of $3$

$($b$)$

Record the entry for the first lease payment on January $31,2024.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

$\backslash$table$[[$Date Account Titles$],[$January$],[31,2024]]$

What is the value of the outstanding lease liability on January $31,2024?$

Value of the outstanding lease liability