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Brief Exercise 21A-6 Teal Mountain Company leased equipment from Costner Company, beginning on December 31,...

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Accounting

Brief Exercise 21A-6 Teal Mountain Company leased equipment from Costner Company, beginning on December 31, 2016. The lease term is 8 years and requires equal rental payments of $51,653 at the beginning of each year of the lease, starting on the commencement date (December 31, 2016). The equipment has a fair value at the commencement date of the lease of $340,000, an estimated useful life of 8 years, and no estimated residual value. The appropriate interest rate is 6%.

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