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On December 31, 2018, Sheridan Corporation leased a plane from Bell Company for an 7-year period expiring December 31, 2025.
On December 31, 2018, Sheridan Corporation leased a plane from Bell Company for an 7-year period expiring December 31, 2025. Equal annual payments of $455000 are due on December 31 of each year, beginning with December 31, 2018. The lease is properly classified as a lease on Sheridan's books. The present value at December 31, 2018 of the 8 lease payments over the lease term discounted at 10% is $2670131. Assuming the first payment is made on time, the amount that should be reported by Sheridan Corporation as the lease liability on its December 31, 2018 balance sheet is
$2215131.
$2670131.
$2482144.
$2436644.
