Business, 30.03.2020 17:57 beepbeep123

Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Blossom Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement:
1. Blossom has the option to purchase the equipment for $20,500 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option.
2. The equipment has a cost of $210,000 and fair value of $232,000 to Kingbird Leasing. The useful economic life is 2 years, with a residual value of $20,500.
3. Kingbird Leasing desires to earn a return of 5% on its investment.
4. Collectibility of the payments by Kingbird Leasing is probable.

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Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment t...