noahwhitfield5331
04.08.2020 •
Business
Alt Corporation (Lessee) enters into an agreement with Yates Rentals Co (Lessor) on January 1, 2021 for the purpose of leasing a general purpose machine to be used in its manufacturing operations. The following data pertain to the agreement: (a) The term of the noncancelable lease is 3 years with no renewal option. Payments of $574,864 are due on January 1 of each year beginning Jan 1, 2021 (b) The fair value of the machine on January 1, 2021, is $1,600,000. The machine has a remaining economic life of 10 years, with no salvage value. The machine reverts to the lessor upon the termination of the lease. (c) Alt’s incremental borrowing rate is 10% per year. What type of lease is this from Alt Corporation’s viewpoint?
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