1.：Link leased construction equipment under a 7-year capital lease requiring annual year-end payments of $100.000.Link's incremental borrowing rate is 9%,while the lessor's implicit rate,which is not known to Link,is 8%.Present value factors for an ordinary annuity for seven periods are 5.21 at 8% and5.03 at 9%. Fair value of the equipment is $515.000.

What amount should Robbins records as lease obligation at the beginning of the lease term?

高顿网校uscpa小编温馨提示解题思路：这题的关键在于是使用Interest rate应该使用8%还是9%的问题，书上给的公式是 Uses the lower（lesser）of the ①Rate implicit in the lease(if known) or②Lessee's incremental borrowing rate(the rate available in the market to the lessee(not prime))  注意If known. 而题目里，while the lessor's implicit rate,which is not known to Link,is 8%.  很明显，不符合定义要求， 所以还是要使用9%的数据

　　解答：100.000 × 5.03=$503.000

　　Present value of minimum lease payment 作为资产以及负债科目记录，并且不可超过租赁资产的公允价值。

　　$503.000＜$515.000

　　∴答案是 $503.000