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Lessee Company enters into a lease on January 1,2024 , that is accounted for as a finance lease. The lease calls for quarterly payments of

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Lessee Company enters into a lease on January 1,2024 , that is accounted for as a finance lease. The lease calls for quarterly payments of $20,000, beginning on January 1,2024 , and continuing for 5 years. The last payment is due on October 1,2028 . The lease has an implicit annual interest rate of 10%. The present value of an annuity due at 10% per period for 5 periods is 4.170 ; the present value of an annuity due at 2.50% per period for 20 periods is 15.979. What amount will Lessee report as a lease payable (not including accrued interest) in its balance sheet on December 31, 2024? Multiple Choice $416,987 $261,102 $319,580 $247,630 $416,987 Lessee Company enters into a lease on January 1,2024 , that is accounted for as a finance lease. The lease calls for quarterly payments of $20,000, beginning on January 1,2024 , and continuing for 5 years. The last payment is due on October 1,2028 . The lease has an implicit annual interest rate of 10%. The present value of an annuity due at 10% per period for 5 periods is 4.170 ; the present value of an annuity due at 2.50% per period for 20 periods is 15.979. What amount will Lessee report as a lease payable (not including accrued interest) in its balance sheet on December 31, 2024? Multiple Choice $416,987 $261,102 $319,580 $247,630 $416,987

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