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What the balance in the right-of-use asset at december

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Problem 1: On January 1, 2020, UML Co. recorded a right-of-use asset of $597,130 in an operating lease. The lease calls for eight annual payments of $100,000 at the end of each year. The interest rate charged by the lessor was 7%. The balance in the right-of-use asset at December 31, 2020, will be:

Multiple Choice

Option 1: $497,130.
Option 2: $522,489.
Option 3: $531,929.
Option 4: $538,929.

Reference no: EM132813806

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