On January 1, 2014, Stephen Corp., a lessor, signed a direct financing lease. Stephen was to receive annual year-end payments of $10,000 for ten years, after which there was a guaranteed residual value of $8,000. The implicit interest rate was 8%. Actuarial information for 8%, ten periods follows: (round to the nearest whole dollar) 
On January 1, 2014, Stephen should record a debit to Lease Receivable for
Definitions:
Maturity
The stage in a product’s lifecycle or a company’s growth where growth slows down, and it reaches a steady state of maximum output or sales.
Secured
Protected against threat or harm, or in financial terms, backed by collateral.
Venture Capitalist
An investor who provides capital to start-up companies or supports small companies that wish to expand but do not have access to equities markets.
Finance Manager
A professional responsible for managing the financial health of an organization, including planning, organizing, controlling, and monitoring financial resources.
Q1: According to GAAP, which is not a
Q12: Generally accepted accounting principles have identified four
Q31: A pension plan provides for future retirement
Q50: If a company has an agreement to
Q57: The corridor is defined as 10% of
Q61: On January 1, 2014, Cambridge Realty sold
Q62: Revenue recognition is defined as the accomplishments
Q92: Refer to Exhibit 20-4. Given the structure
Q104: The installment method is usually associated with<br>A)
Q138: Below is the chart of accounts for