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BE 21-3 (Lo2) Samson company leases a building and land. The lease term is 6...

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Accounting

BE 21-3 (Lo2) Samson company leases a building and land. The lease term is 6 years and the annual fixed payments are $800,000. The lease arrangement gives samson the right to purchase the building and land for $11,000,000 at the end of the lease. Based on an economic analysis of the lease at the commencement date, samson is reasonalby certain that the fair value of the leased assest at the end of the lease term will be much higher that $11,000,000. What are the total lease payments in this lease arrangement.

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