Business, 15.02.2021 20:30 allytrujillo20oy0dib

On December 31, 2019, Kingbird Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Kingbird to make annual payments of $7,924 at the beginning of each year of the lease, starting December 31, 2019. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Kingbird uses the straight-line method of depreciation for all of its plant assets. Kingbird’s incremental borrowing rate is 2%, and the lessor’s implicit rate is unknown. Required:
What type of lease is this?

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On December 31, 2019, Kingbird Corporation signed a 5-year, non-cancelable lease for a machine. The...