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On January 1, 2019, Wynn Manufacturing leased a floor of a building for use in its North American operations from Easymoney Bank. The 9-year, noncancellable
On January 1, 2019, Wynn Manufacturing leased a floor of a building for use in its North American operations from Easymoney Bank. The 9-year, noncancellable lease requires annual lease payments of $11,500, beginning January 1, 2019, and at each January 1 thereafter through 2027 The lease agreement does not transfer ownership, nor does it contain a purchase option. The floor of the building has a fair value of $85.000 and an estimated remaining life of 10 years. Easymoney Bank's implicit rate of 10% is known to Wynn At what amount is the lease liability recorded at lease commencement? O A. $103,500 O B. $82,163 O C. $72.852 OD. $77.729
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