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Tulsa inc. manufactures and sells heavy equipments. Tulsa leases an equipment to Rusty Company on January 1, 2021. The manufacturing cost of the equipment was
Tulsa inc. manufactures and sells heavy equipments. Tulsa leases an equipment to Rusty Company on January 1, 2021. The manufacturing cost of the equipment was $20 million. This noncancelable lease had the following terms: - Lease payments: $3,550,809 semiannually, first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30,2025 - Lease term: 5 years (10 semiannuai payments) - No residual value; no purchase option. - Economic life of equipment 5 years. - Implicit interest rate and lessee's incremental borrowing rate: 10% semiannually. - Fair value of the computers at January 1,2021:$24 million. What is the outstanding balance of the lease llability in Rusty's June 30,2021 , balance sheet? (Round your answer to the nearest whole dollar.) Mutiple Choice $24,000,000 $18743.310. 512943.30x June 30,2025 . - Lease term: 5 years (10 semiannual payments). - No residual value; no purchase option. - Economic life of equipment 5 years. - Implicit interest rate and lessee's incremental borrowing rate: 10% semiannually. - Falr value of the computers at January 1,2021:$24 million. What is the outstanding balance of the lease llability in Rusty's June 30,2021 , balance sheet? (Round your answer to the nearest whole dollar.) Mulliple Choice $24,000,000. $18.743,310. \$18.943.301. None of these onswer choices is correct
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