Business, 14.07.2021 02:20 madiforkner

On December 31, 2021, Sofia Co. leased a machine from Catt, Inc. for a five-year period. Equal annual payments under the lease are $2,000,000 and are due on December 31 of each year. The first payment was made on December 31, 2021, and the second payment was made on December 31, 2022. The five lease payments are discounted at 10% over the lease term. The present value of lease payments at the inception of the lease and before the first annual payment was $8,339,731. The lease is appropriately accounted for as an operating lease by Sofia. In its December 31, 2022 balance sheet, Sofia should report a right of use asset of

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On December 31, 2021, Sofia Co. leased a machine from Catt, Inc. for a five-year period. Equal annua...

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