On January 1, 2021, Bombay Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Bombay to make annual payments of $180,000 at the beginning of each year for five years with title passing to Bombay at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Bombay uses the straight-line method of depreciation for all of its fixed assets. Bombay accordingly accounts for this lease transaction as a finance lease. The lease payments were determined to have a present value of $750,578 at an effective interest rate of 10%. Required:
In 2022, Cullumber should record interest expense of:

In 2022, Cullumber should record interest expense of $57,057.80.

Explanation:

The interest expense can be calculated using the following formula:

Interest expense = (Present value of lease payments - Annual payments at the beginning of each year) * Effective interest rate (1)

Where:

Annual payments at the beginning of each year = $180,000

Present value of lease payments = $750,578

Effective interest rate = 10%

Substituting the values into equation (1), we have:

Interest expense = ($750,578 - $180,000) * 10% = $57,057.80

Therefore, Cullumber should record interest expense of $57,057.80 in 2022.

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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