Business, 20.03.2020 01:27 sugeilochoa

Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2021. The manufacturing cost of the computers was $17 million. This noncancelable lease had the following terms: Lease payments: $2,897,796 semiannually; first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30, 2025. Lease term: 5 years (10 semiannual payments). No residual value; no purchase option. Economic life of equipment: 5 years. Implicit interest rate and lessee's incremental borrowing rate: 8% semiannually. Fair value of the computers at January 1, 2021: $21 million. What is the outstanding balance of the lease liability in Lone Star's June 30, 2021, balance sheet

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Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2...

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