On january 1 2011 blaugh co. signed a long-term lease for, Ask an Expert

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On January 1, 2011, Blaugh Co. signed a long-term lease for an office building. The terms of the lease required Blaugh to pay $10,000 annually, beginning December 30, 2011, and continuing each year for 30 years. The lease qualifies as a capital lease. On January 1, 2011, the present value of the lease payments is $112,500 at the 8% interest rate implicit in the lease. In Blaugh's December 31, 2011, what should be the balance sheet, the capital lease liability should ?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948313

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