Problem 3-01 b-d Sheridan Ltd., which has a calendar year end, entered into an equipment lease on June 1, 2020, with GH Financing Limited. The lease term is two years and requires payments of $4,500 at the end of each month beginning September 30. The stated rate of interest in the lease is 6%. As an incentive for entering into the contract, GH has agreed to forgive the first three payments under the lease (June, July, and August).

	Your answer is incorrect. Try again.

Calculate the amount that Sheridan should record for the lease obligation on June 1, 2020. Hint: Calculate the present value of the monthly payments as at September 1, 2020, and then discount this amount to June 1, 2020. (Round answer to 2 decimal places, e.g. 5,275.25.)

Lease obligation

$Enter your answer in accordance to the question statement

	Your answer is incorrect. Try again.

What is the amount of the interest accrual that Sheridan will record on June 30, 2020, for the lease obligation? (Round answer to 2 decimal places, e.g. 5,275.25.)

Amount of the interest accrual

$Enter your answer in accordance to the question statement

	Your answer is incorrect. Try again.

Is there any measurement uncertainty that needs disclosure in the notes to Sheridans financial statements? Hint: Assume that GH is confident of collecting the lease payments under the lease contract. Choose the answer from the menu in accordance to the question statement

YesNo