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What amount should be debited to expenditures control

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Problem - The City of Bell entered into a lease agreement on December 31, Year 4, to acquire a capital asset. Under this agreement, Bell is to make three annual payments of $75,000 each on principal, plus interest of $22,000, $15,000, and $8,000 at the end of Year 5, Year 6, and Year 7, respectively. At the beginning of the lease, what amount should be debited to expenditures control in Bell's general fund?

a. $225,000

b. $270,000

c. $75,000

d. $97,000

Reference no: EM132684132

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