Delaney company leases an automobile with a fair value of $10,000 from john simon motors, inc., on the following terms: 1. non-cancelable term of 50 months.2. rental of $200 per month (at the beginning of each month). (the present value at 0.5% per month is $8,873.)3. delaney guarantees a residual value of $1,180 (the present value at 0.5% per month is $920). delaney expects the probable residual value to be $1,180 at the end of the lease term.4. estimated economic life of the automobile is 60 months.5. delaney’s incremental borrowing rate is 6% a year (0.5% a month). simon’s implicit rate is unknown. what is the nature of this lease to delaney? the nature of this lease is a/.what is the present value of the lease payments to determine the lease liability? (round answer to 0 decimal places, e. g. 5,275.)
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Delaney company leases an automobile with a fair value of $10,000 from john simon motors, inc., on t...
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