Business, 26.10.2019 02:43 Mrlittlefish

On january 1, 2011, sauder corporation signed a five-year noncancelable lease for equipment. the terms of the lease called for sauder to make annual payments of $50,000 at the beginning of each year for five years with title to pass to sauder at the end of this period. the equipment has an estimated useful life of 7 years and no salvage value. sauder uses the straight-line method of depreciation for all of its fixed assets. sauder accordingly accounts for this lease transaction as a capital lease. the minimum lease payments were determined to have a present value of $208,493 at an effective interest rate of 10%.

in 2011, sauder should record interest expense of
a. $15,849
b. $16,600
c. $10,700
d. $15,808.

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On january 1, 2011, sauder corporation signed a five-year noncancelable lease for equipment. the ter...

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