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How much interest expense should Parker record

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Question - On January 1, 2019, Parker Corporation leased a jet from Stark Enterprises for a 6 year period expiring January 1, 2025. Equal annual payments of $500,000 are due on January 1 of each year, beginning on January 1, 2019. The lease is properly classified as a finance lease on parker's books. Present value at January 1, 2019 of the 6 lease payments over the lease term discounted at 9% is $2444826. How much interest expense should Parker record for the year ended December 31, 2019?

Reference no: EM132544219

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