Final answer:
The presence of a guaranteed residual value in a sales-type lease typically results in a higher gross profit for the lessor because the present value of this residual value contributes to the total lease revenue calculated.
Step-by-step explanation:
The statement that the gross profit amount in a sales-type lease is greater when a guaranteed residual value exists is True. In a sales-type lease, the residual value is the estimated fair value of the leased asset at the end of the lease term, which the lessee may guarantee to pay. The presence of a guaranteed residual value generally increases the gross profit on the lease because the lessor includes the present value of this residual value in calculating the lease receivable, thereby increasing both the total lease revenue and the resulting gross profit over the lease term as compared to a situation with no guaranteed residual value.
For example, if a lessor leases an asset that has a cost of $50,000 and expects to receive a guaranteed residual value of $10,000 at the end of the lease term, the lessor would recognize both lease payments and the residual value as part of its gross profit calculation, leading to a higher gross profit than if there were no residual value guaranteed.