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On January 1, 2021, Green Co. recorded a right-of-use asset of $284,770 in an operating lease. The lease calls for ten annual payments of $36,500 at the beginning of each year. The interest rate charged by the lessor was 6%. The balance in the right-of-use asset at December 31, 2021, will be:

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Answer:

$256,293

Explanation:

Calculation for what The balance in the right-of-use asset at December 31, 2021 will be:

Right-of-use asset at December 31, 2021 balance =$284,770-($284,770/10 years)

Right-of-use asset at December 31, 2021 balance =$284,770-$28,477

Right-of-use asset at December 31, 2021 balance =$256,293

Therefore The balance in the right-of-use asset at December 31, 2021 will be:$256,293

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