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A Lessee and lessor signed a three-year contract where the lessee leased some equipment to be used in his own business. The lease payments are 50000, payable at yearends. Both the lessee and lessor cannot terminate the lease during the 3 years. The lease contract includes an option that allows the lessee to extend the contract for two additional years without the consent of the lessor. Based on the lessees business circumstances and conditions, there is a reasonable certainty that the lessee will extend the contract. The interest rate implicit in the lease is not readily determinable. The lessees incremental borrowing rate as of the Commencement date is 6%. On the first day of the second year, a new version of the leased equipment became available in the market, and the lessee decided to invest in this equipment. The lessees incremental borrowing rate as of the reassessment date is 7%. Account for the original lease transaction on the Commencement date and on the reassessment date.
