What is the net carrying value of the lease liability
Technoid Inc. sells computer systems. Technoid leases computers to Lone Star Company on January 1, 2013. The manufacturing cost of the computers was $19 million.
This non-cancelable lease had the following terms:
Lease payments: $2,836,767 semiannually; first payment at January 1, 2013; remaining payments at June 30 and December 31 each year through June 30, 2017.
Lease term: 5 years (10 semi-annual payments)
No residual value; no bargain purchase option
Economic life of equipment: 5 years
Implicit interest rate and lessee's incremental borrowing rate: 5% semi-annually
Fair value of the computers at January 1, 2013: $23 million
What is the net carrying value of the lease liability in Lone Star's June 30, 2013 balance sheet? (Round your answer to the nearest dollar.)
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