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Floyd company has a machine with a cost of 500000 which

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Floyd Company has a machine with a cost of $500,000 which also is its fair value on the date the machine is leased to Barone Company. The lease is for 6 years and the machine is estimated to have an unguaranteed residual value of $50,000. The lessor's interest rate implicit in the lease is 12%. The present value of $1.00 at 12% for 6 periods is .50663, and the Present Value of an Annuity Due at 12% for 6 periods is 4.60428. The six beginning-of-the-year lease payments would be?

Reference no: EM13576131

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