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On January 1, 2021, National Insulation Corporation (NIC) leased equipment from United Leasing under a...

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Accounting

On January 1, 2021, National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC. Portions of the United Leasings lease amortization schedule appear below: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) What amount would NIC record as a right-of-use asset at the beginning of the lease?

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