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What is the outstanding balance of the lease liability in Lone Star's balance sheet on June 30, 2024? Technoid incorporated sells computer systems. Technoid leases
What is the outstanding balance of the lease liability in Lone Star's balance sheet on June 30, 2024?
Technoid incorporated sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2024. The manufacturing cost of the computers was $17 million. This noncancelable lease had the following terms: - Lease payments: $2,489,529 semiannually; first poyment on January 1, 2024; remaining payments on June 30 and December 31 each year through June 30,2028 - Lease term: 5 years (10 semiannual payments). - No residual value; no purchase option. - Economic life of equipment 5 years. - Implici interest rate and lessee's incremental borrowing rate: 4% semiannually. - Fair value of the computers on January 1, 2024: $21 million. What is the outstanding balance of the lease liablity in Lone Star's bolance sheet on June 30,2024 ? Note: Round your answer to the nearest whole dollar. Mutiple Choice $16.761.361 $16,561,370 $21,000,000 None of these miswer choices is correct Step by Step Solution
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