Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1,...
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Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2021. The manufacturing cost of the computers was $12 million. This noncancelable lease had the following terms: Lease payments: $2,466,754 semiannually; first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30,2025. Lease term: five years ( 10 semiannual payments). No residual value; no purchase option. Economic life of equipment: five years. Implicit interest rate and lessee's incremental borrowing rate: 5% semiannually. Fair value of the computers at January 1,2021: $20 million. What is the outstanding balance of the lease liability in Lone Star's June 30,2021, balance What is the outstanding balance of the lease liability in Lone Strirs june 30 . 2021, oblance sheet? (Round your answer to the nearest whole dollar.) $21,000,000.$17,533,246.$15,943,154. None of these answer choices is correct
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