Question
The following are characteristics of a lease entered into on January 1, 2020 Price of leased asset from manufacturer 312,094 Lease payments 100,000 Lease term
The following are characteristics of a lease entered into on January 1, 2020
| Price of leased asset from manufacturer | 312,094 |
| Lease payments | 100,000 |
| Lease term | 4 years |
| Lease frequency | Annual |
| Payment timing | End of year |
| Guaranteed residual value | 35,000 |
| Expected payout under residual value guarantee | 35,000 |
| Interest rate implicit in the lease agreement | 14% |
Required: What is the amount of finance income recorded by the lessor in 2020?
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Statistical Audit Automation The Principles Of Statistical Sampling Of Business Accounts
Authors: Nathan Poeschl
1st Edition
B0B17YP1SR, 979-8829041991
