Lease receivable carrying value a lessor entered into a, Accounting Basics

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Lease receivable carrying value a lessor entered into a

Problem

Lease Receivable Carrying Value: A lessor entered into a capital lease. The agreement requires six annual payments of $160,000 in advance. The implicit interest 10%. The residual value is $130,164 and is NOT guaranteed. What is the reported balance of the Lease Receivable for the first fiscal year?

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Accounting Basics: Lease receivable carrying value a lessor entered into a

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