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What is the total amount of credits in fox entry

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Question - Fox Co. signs a 6-year truck lease before receiving the truck and pays the lease broker $5,000. Then on lease commencement date, Fox pays lessor $20,000, the first of 6 such payments. The present value of 5 remaining payments is $85,000. The truck fair value is $200,000, with an economic life of 10 years. If none of Group I or II criteria for this lease are met, what is the total amount of credits in Fox's entry on lease commencement date?  

a. 105,000

b. 110,000

c. 85,000

d. 90,000

e. 115,000

Reference no: EM132738394

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