Business, 05.06.2020 22:02 chantelporter713

Skysong Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2017. The lease is for a 7-year period and requires equal annual payments of $30,259 at the beginning of each year. The first payment is received on January 1, 2017.Skysong had purchased the machine during 2016 for $95,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Skysong. Skysong set the annual rental to ensure an 9% rate of return. The machine has an economic life of 8 years with no residual value and reverts to Skysong at the termination of the lease. Compute the amount of the lease receivable. The amount of the lease receivable $

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Skysong Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1...

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