ACC 222
Liberty University
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ACC 222 Exam 2 Practice- Northern Virginia Community College
- Other • 54 pages • 2023
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Durney Co. recorded a right-of-use asset of $800,000 in a ten-year finance 
lease. The interest rate charged by the lessor was 10%. The balance in the 
right-of-use asset after two years will be: 
$648,000! 
$640,000 
$880,000 
$968,000 
In a finance lease, the lessee amortizes its right of use asset on a straight 
line basis. In this case, amortization is $800,000 / 10 years, or $80,000 per 
year. So, after 2 years, the balance will be $800,000 – 160,000 = $640,000. 
Cook the Books is the les...
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