On January 1, 2010, Stanley Corp On January 1, 2010, Stanley Should Record a Debit to Direct

Multiple Choice

On January 1, 2010, Stanley Corp., a lessor, signed a direct financing lease.Stanley was to receive annual year-end payments of $8, 000 for ten years, after which there was a guaranteed residual value of $6, 000.The implicit interest rate was 8%.Actuarial information for 8%, ten periods follows: $\begin{array}{llr} \text {Present value of ordinary annuity of \( \$ 1 \) } &6.71008\\ \text {Present value of amount of \( \$ 1 \) } &0.46315\\\end{array}$
On January 1, 2010, Stanley should record a debit to Lease Receivable for

A) $53, 680.64
B) $56, 459.78
C) $80, 000.00
D) $86, 000.00