June 30, 2024, Georgia-Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreemen s for Georgia-Atlantic to make semiannual lease payments of $576,798 over a five-year lease term, payable each June 30 and ember 31, with the first payment on June 30, 2024. Georgia-Atlantic's incremental borrowing rate is 12%, the same rate IC uses ulate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of t ipment is $4.50 million. EVA DVAD
June 30, 2024, Georgia-Atlantic, Incorporated leased warehouse equipment from IC Leasing Corporation. The lease agreemen s for Georgia-Atlantic to make semiannual lease payments of $576,798 over a five-year lease term, payable each June 30 and ember 31, with the first payment on June 30, 2024. Georgia-Atlantic's incremental borrowing rate is 12%, the same rate IC uses ulate lease payment amounts. Amortization is recorded on a straight-line basis at the end of each fiscal year. The fair value of t ipment is $4.50 million. EVA DVAD
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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