I need to know if I calculated this amortization schedule as well as the current and long term portions of
Given information: "Six ovens were rented on December 31, with $20,000 charged to rent expense. The lease runs for 6 years with an implicit interest rate of 5%. At the end of the 6 years, Peyton will own them. Make any necessary adjusting entries." - The balance sheet being prepared is for 2017, the same year the lease was taken out.
For the fair value calculation I think I need to take the $20,000 payment and multiply it by the present value factor for an annuity due: 5.32948, which would give $106,589.60.