09 May WHAT LIABILITY SHOULD LARKINS REPORT ON ITS DECEMBER 31 YEAR ONE BALANCE SHEET?
Larkins Inc. leases equipment from Bostic for $30 000 per year for three years. The contract is signed on January 1 Year One and the first payment is made immediately. The second payment will be made on January 1 Year Two. Larkins has an incremental borrowing rate of 10 percent and the present value of a three year annuity due of $30 000 each year is assumed to be $82 000 at that rate. This lease contract does not meet any of the four criteria for a capital lease. What liability should Larkins report on its December 31 Year One balance sheet?A ZeroB $10 000C $57 000D $60 200
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