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On January 1, 2021, Gemini Corporation leased equipment under a finance lease designed to earn the lessor a 6% rate of return for providing long-term
On January 1, 2021, Gemini Corporation leased equipment under a finance lease designed to earn the lessor a 6% rate of return for providing long-term financing. The lease agreement specified ten annual payments of $234,000 beginning January 1, and each December 31 thereafter through 2029. A 10-year service agreement was scheduled to provide maintenance of the equipment as required for a fee of $18,000 per year. Insurance premiums of $13,500 annually are related to the equipment. Both amounts were to be paid by the lessor and the lease payments reflect both expenditures. At what amount will Gemini record a right-of-use asset? (Round your answer to the nearest whole dollar amount.) $1,404,305$1,685,166$1,825,596$1,544,735
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