Rick kleckner corporation recorded a right-of-use asset for $300,000 as a result of a finance lease on december 31, 2016. kleckner’s incremental borrowing rate is 8%, and the implicit rate of the lessor was not known at the commencement of the lease. kleckner made the first lease payment of $48,337 on on december 31, 2016. the lease requires 8 annual payments. the equipment has a useful life of 8 years with no residual value.
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Rick kleckner corporation recorded a right-of-use asset for $300,000 as a result of a finance lease...
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