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| A company prepares its financial statements according to U.S. GAAP and leased a piece of equipment on 1 January 2012. Information relevant to the transaction is as follows:1. Five annual lease payments of $25,000, with the first payment due 1 January 2012.2. Interest rate on similar company debt is currently 8%.3. The fair value of the equipment is $115,000.4. Useful life of the equipment is seven years.5. The company depreciates other equipment in the same asset class on a straight‐line basis.The total expense related to the lease on the company’s 2012 income statement will be closest to: A:$22,024. B:$25,000. C:$28,185. |
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