Ryan Corp.leased an asset from Amanda Corp.under a finance lease.The original entry for finance lease included a debit to leased asset for $75,000.Amortization on the asset amounted to $7,500.At the end of the year, the lease liability on the books was $64,567.What is the after tax impact assuming a tax rate of 40%?

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The Answer of Ryan Corp.leased an asset from Amanda Corp.under a finance lease.The original entry for finance lease included a debit to leased asset for $75,000.Amortization on the asset amounted to $7,500.At the end of the year, the lease liability on the books was $64,567.What is the after tax impact assuming a tax rate of 40%?

Ryan CorpLeased an Asset from Amanda Corp