Lessor corporation has entered into an agreement to lease a machine to a lessee corporation. the lease agreement details are as follows:
(a) (1) Because the present value of the minimum lease payments is greater than 90 percent of the fair value of the asset at the inception of the lease, Sylvan should record this as a capital lease.
(2) Since the given facts state that Sylvan (lessee) does not have access to information that would enable determination of Breton Leasing Corporation’s (lessor) implicit rate for this lease, Sylvan should determine the present value of the minimum lease payments using the incremental borrowing rate (10 percent). This is the rate that Sylvan would have to pay for a like amount of debt obtained through normal third party sources (bank or other direct financing).
(3) The amount recorded as an asset on Sylvan’s books should be shown in the fixed assets section of the balance sheet as “Leased Equipment” or another similar title. Of course, at the same time as the asset is recorded, a corresponding liability (“Lease Liability” or similar titles) is recognized in the same amount.
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