What amounts beloit bearing record as the lease liability

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Question - The Beloit Bearing Company leased a machine from J. Case Leasing Company. The lease requires 10 annual payments of $10,000 beginning immediately. The lease contract specifies the rate implicit in the lease of 12% and a purchase option of $10,000 at the end of the tenth year. The estimated fair market value of the machine at the end of the lease is $20,000. Beloit Bearing Company is reasonably certain to exercise the purchase option. Beloit Bearings cost of capital (borrowing rate) is also 12%.

The present value of an annuity due of 1 at: 12% for 10 years is 6.328

The present value of 1 at: 12% for 10 years is .322

Required -

A. What amounts should Beloit Bearing record as the lease liability and value of the right of use asset?

B. Present the journal entry for this transaction.

Reference no: EM132441057

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