Castle Leasing Company signs a lease agreement on January 1, 2014

Exercise 21-4Castle Leasing Company signs a lease agreement on January 1, 2014, to lease electronic equipment to Jan Way Company. The term of the noncancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement:1.Jan Way has the option to purchase the equipment for $16,000 upon termination of the lease.2.The equipment has a cost and fair value of $160,000 to Castle Leasing Company. The useful economic life is 2 years, with a salvage value of $16,000.3.Jan Way Company is required to pay $5,000 each year to the lessor for executory costs.4.Castle Leasing Company desires to earn a return of 10% on its investment.5.Collectibility of the payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor.

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