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What will be the balance reported as a liability by hewlitt

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Point 1: On January 1, 2018, Packard Corporation leased equipment to Hewlitt Company. The lease term is eight years. the first payment of $450000 was made on January 1,2018. remaining payments are made on December 31 each year, beginning with December 31,2018. the equipment cost Packard Corporation $2400000. the present value of the lease payments is $2640000. the lease is appropriately classified as a sale-type lease.

Question 1: Assuming the interest rate for this lease is 10%. what will be the balance reported as a liability by Hewlitt in the December 31, 2019, balance sheet?

Reference no: EM132487321

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