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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 $18 million. This noncancelable lease had the following terms: Lease payments: $3,144,993 semiannually; first payment at January 1, 2021; remaining payments at June 30 and December 31 each year through June 30, 2025. Lease term: 5 years (10 semiannual payments). No residual value; no purchase option. Economic life of equipment: 5 years. Implicit interest rate and lessee's incremental borrowing rate: 9% semiannually. Fair value of the computers at January 1, 2021: $22 million. What is the outstanding balance of the lease liability in Lone Star's June 30, 2021, balance sheet

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Capricious23

Answer:

Lease liability on June 30, 2021 = $1,808,042

Explanation:

Lease amount at 1/1/21 = $18,000,000

Installment = $3,144,993 (A)

Remaining principal at 30/6/2021 = $18,000,000 - $3,144,993

Remaining principal at 30/6/2021 = $14,855,007

Interest at 9% = $14,855,007 × 9% = $1,336,951 (B)

Lease liability at 30/6/21 = Principal - Interest

Lease liability at 30/6/21 = $3,144,993 - 1,336,951

Lease liability at 30/6/21 = $1,808,042

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