financial accounting

IBM leases an asset to Swander Company. The estimated useful life of the asset is 8 years. The lease term is 6 years. What portion of the useful life of the asset is covered under the lease term? Type your answer as.xox Your Answer: Answer Question 7 (1 point) On December 31, 2024, Burke Corporation signed a 10 year honcancelable lease for a machine. The terms of the lease called for Burke to make annual payments of $15,000 at the beginning of each year. starting December 31/ 2024. The machine has an estimated useful life of 12 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term, Burke uses the straight-line method of depreciation for all of its plant assets Burke's incremental borrowing rate is 7%, and the lessor's implicit rate is unknown. What is the fair value of the asset to the lessor - Burke? Your Answer: