Business, 12.02.2021 06:10 YoungKukie24

On December 31, 2020, Reagan Inc. signed a lease with Silver Leasing Co. for some equipment having a seven-year useful life. The lease payments are made by Reagan annually, beginning at signing date. Title does not transfer to the lessee, so the equipment will be returned to the lessor on December 31, 2026. There is no purchase option, and Reagan guarantees a residual value to the lessor on termination of the lease. Reagan's lease amortization schedule appears below: Dec. 31 Payments Interest Decrease in Balance Outstanding Balance 2020 $ 375,882 2020 $ 73,300 $ 73,300 302,582 2021 $ 73,300 $ 27,232 46,068 256,514 2022 $ 73,300 23,086 50,214 206,301 2023 $ 73,300 18,567 54,733 151,568 2024 $ 73,300 13,641 59,659 91,909 2025 $ 73,300 8,272 65,028 26,881 2026 $ 29,300 2,419 26,881 0 At what amount would Reagan record the right-of-use asset at the beginning of the agreement

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On December 31, 2020, Reagan Inc. signed a lease with Silver Leasing Co. for some equipment having a...

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