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Luv Company enters into a non-cancelable lease agreement with Soap Company. The details of the agreement are as follows:
Inception date
Jan 1, 2011
Annual lease payment at beginning of each year, starting Jan 1, 2011
$18,000
Bargain-purchase option at the end of the lease
$4,000
Lease term
5 years
Economic life of leased equipment
Lessor's cost
$60,000
Fair value of asset
$70,000
Lessor's implicit rate
10%
Lessee's implicit rate
Present value of annuity due i=10%, n=5 periods
4.16987
Present value i=10%, n=5 years
0.621
Soap company will receive the lease payments. The collectability of the lease payments is reasonably predictable and there are no uncertainties surrounding the costs to be incurred by Soap company-the lessor.
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