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On June 30, 2013 Blue inc leased a machine from Big leasing corporation the lease agreement qualifies as a capital lease and calls for blue to make semi annual lease payments of 281,454 over a three year lease term, payable each June 30 and December 31, with the first payment at june 30, 2013. Blue's incremental borrowing rate is 10%, the same rate Big Leasing Company uses to calculate lease payment amount. Depreciation is recorded on a straight-line basis at the end of the fiscal year.
1. Determine the present value of lease payments at june 30, 2013 to the nearest $000 that Blue uses to record the leased asset and lease liability
2. What would be the pretax amounts related to the lease that Blue would report in its balance sheet at December 31, 2013
3. What would be the pretax amounts related to the lease that Blue would report in its income statement for the year ended December 31, 2013.
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