Business, 28.06.2019 06:20 gbrightwell
Wilson foods corporation leased a commercial food processor on september 30, 2018. the five-year finance lease agreement calls for wilson to make quarterly lease payments of $195,774, payable each september 30, december 31, march 31, june 30, with the first payment at september 30, 2018. wilson’s incremental borrowing rate is 12%. wilson records amortization on a straight-line basis at the end of each fiscal year. wilson recorded the lease as follows: september 30,2016asset (calculated below) 3.000.000lease payable (calculated below) 3.000.000lease payable 195.774cash (frist payment) 195.774calculation of the present value of lease payments$195.774 x 15.32380*=$3.000.000 (rounded)required: what would be the pretax amount related to the lease that wilson would report in its statement of cash flows for the year ended december 31,2016?
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