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number 3 in mc please how did they get 23,320 as answer. Multiple Choice Questions 1. CDE leased equipment from HIJ on December 31, 20x11,

number 3 in mc please how did they get 23,320 as answer.
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Multiple Choice Questions 1. CDE leased equipment from HIJ on December 31, 20x11, for a 10-year period (also the useful life of the asset). Equal annual payments under the lease are $30,000 and are due on December 31 of each year. The first payment was made on December 31, 20x11, and the second payment was made on the next due date December 31, 20X12. The present value at December 31, 20x11, of the minimum lease payments over the lease term discounted at 10 percent (the implicit rate computed by HIJ and known by CDE) was $202.771. The lease is appropriately accounted for as a finance lease by CDE. What would be the interest expense on the lease liability for the fiscal year ended on December 31, 2012? A. $20,277 B. $17,772 C $30,000 D. $17,277 20277.1 3000 2. Based on the information in question 1, what should be the balance in CDE's liability under finance lease account at December 31, 20x12 (after the second payment was made)? A. $191,098 B. $172,771 (C. $190,048 D. $220,048 E. $300,000 16038 G 0046 (202,771-30,000 17 271717 1961040 3. Based on the information in question 1, what is the current portion of the long-term lease liability? AX$22,320 B. $27,256 C. $22,744 D. $26,680 E. $ 23,320 I None of the above But = 30,00o-190048 Xoon - 10999

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