Rumsfeld Corporation leased a machine on December 31, 2016, for a 3-year period. The lease agreem… Assignment Help

  

Show transcribed image text Rumsfeld Corporation leased a machine on December 31, 2016, for a 3-year period. The lease agreement calls for annual payments in the amount of exist19, 000 on December 31 of each year beginning on December 31, 2016. Rumsfeld has the option to purchase the machine on December 31, 2019, for exist23, 000 when its fair value is expected to be exist33, 000. The machine’s estimated useful life is expected to be five years with no residual value. Rumsfeld uses straight-line depreciation for this type of machinery. The appropriate interest rate for this lease is 10%. Calculate the amount to be recorded as a leased asset and the associated lease liability. Leased asset/liability Prepare an amortization schedule for this lease.

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