For #13- on January 1, 2009. The manufacturing cost of the computers was S12 million. 16: Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company This non-cancelable lease had the following terms: e Lease payments: $2,466,754 semiannually; first payment at January 1, 2009; remaining payments at June 30 and December 31 each year through June 30, 2013. . Lease term: 5 years (10 semi-annual payments) . No residual value; no bargain purchase option Economic life of equipment: 5 years Implicit interest rate and lessee's incremental borrowing rate: 5% semi-annually Fair value of the computers at January 1,2009: $20 million Collectability of the rental payments is reasonably assured, and there are no lessor costs yet to be incurred