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Abbott Equipment leased a protein analyzer to Werner Chemical, Inc. on September 30, 2018. Abbott purchased the machine from NutraLabs, Inc. at a cost of $6 million. The five-year lease agreement calls for Werner to make quarterly lease payments of $391,548, payable each September 30, December 31, March 31, and June 30, with the first payment at September 30, 2018. Abbot's implicit interest rate is 12%.
Required:
1. What pretax amounts related to the lease would Abbott report in its balance sheet at December 31, 2018?
2. What pretax amounts related to the lease would Abbott report in its income statement for the year ended December 31, 2018?
3. What pretax amounts related to the lease would Abbott report in its statement of cash flows for the year ended December 31, 2018?
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