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The following facts are for a non-cancellable lease agreement between Ivanhoe Corporation and Russell Corporation, a lessee: Inception date July 1, 2020 $ 20,762.88 $
The following facts are for a non-cancellable lease agreement between Ivanhoe Corporation and Russell Corporation, a lessee: Inception date July 1, 2020 $ 20,762.88 $ 3,900.00 5 years 10 years Annual lease payment due at the beginning of each year, starting July 1, 2020 Bargain purchase option price at end of lease term reasonably certain to be exercised by Russell Lease term Economic life of leased equipment Lessor's cost Fair value of asset at July 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate $ 59,400.00 $ 89,000.00 10% 10% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor. The lessee assumes responsibility for all executory costs. Both Russell and Ivanhoe use IFRS 16. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. (a) Calculate the amount of the right-of-use asset and lease liability. (Round factor values to 5 decimal places, eg. 1.25124 and final answers to 2 decimal places, eg. 52.75.) Amount $
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