February 21, 2017

Homework Help: Accounting

Posted by Jessica on Thursday, March 10, 2011 at 9:35am.

On June 30, 2011, Georgia-Atlantic, Inc., leased a warehouse facility from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $585,423 over a three-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2011.Georgia-Atlantic’s incremental borrowing rate is 10%, the same rate IC used to calculate lease payment amounts. Depreciation is recorded on a straight-line basis at the end of each fiscal year. The fair value of the warehouse is $3.12 million. (Use Table 6)
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