On March 1, 2011, Sturdy Corp

question 71

Multiple Choice

On March 1, 2011, Sturdy Corp. became the lessee of new equipment under a noncancelable six-year lease. The total estimated economic life of this equipment is ten years. The fair value of this equipment on March 1, 2011, was $100,000. The lease does not meet the criteria for classification as a capital lease with respect to transfer of ownership of the leased asset, or bargain purchase option, or lease term. Nevertheless, Sturdy must classify this lease as a capital lease if, at inception of the lease, the present value of the minimum lease payments (excluding executory costs) is equal to at least

• A) $67,500.
• B) $75,000.
• C) $90,000.
• D) $100,000.

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