Homework Answers
| In the Books of Lessee | |||||||
| Dr | Cr | ||||||
| Date | Dr/Cr | Particulars | Amount ($) | Amount ($) | |||
| Purchase of Equipment | |||||||
| 01-01-2023 | Debit | Equipment | 3,64,000.00 | ||||
| Credit | Supplier | 3,64,000.00 | |||||
| Loan amount Received | |||||||
| 01-01-2023 | Debit | Bank Current Account | 1,67,539.00 | ||||
| Credit | Term Loan from SBI | 1,67,539.00 | |||||
| Payment to Supplier of equipment | |||||||
| 01-01-2023 | Debit | Supplier of Equipment | 3,64,000.00 | ||||
| Credit | Bank Current Account | 3,64,000.00 | |||||
| EMI paid first installment | |||||||
| 30-06-2023 | Debit | Term Loan from SBI | 40,649.00 | ||||
| Debit | Interest on Term Loan | 3,351.00 | |||||
| Credit | Bank Current Account | 44,000.00 | |||||
| Depreciation on Equipment - 1st half | |||||||
| 30-06-2023 | Debit | Depreciation on Equipment | 36,400.00 | ||||
| Credit | Equipment | 36,400.00 | |||||
| (364000/5) * 1/2 | |||||||
| EMI paid second installment | |||||||
| 31-12-2023 | Debit | Term Loan from SBI | 41,462.00 | ||||
| Debit | Interest on Term Loan | 2,538.00 | |||||
| Credit | Bank Current Account | 44,000.00 | |||||
| Depreciation on Equipment - 2nd half | |||||||
| 31-12-2023 | Debit | Depreciation on Equipment | 36,400.00 | ||||
| Credit | Equipment | 36,400.00 | |||||
| (364000/5) * 1/2 | |||||||
| Loan Interest and Repayment Schedule | ||||||
| Interest | Payment on | EMI | Principal | Balance | ||
| 1,67,539.00 | 3,351.00 | 1,70,890.00 | 30-06-2023 | 44,000.00 | 40,649.00 | 1,26,890.00 |
| 1,26,890.00 | 2,538.00 | 1,29,428.00 | 31-12-2023 | 44,000.00 | 41,462.00 | 85,428.00 |
| 85,428.00 | 1,709.00 | 87,137.00 | 30-06-2024 | 44,000.00 | 42,291.00 | 43,137.00 |
| 43,137.00 | 863.00 | 44,000.00 | 31-12-2024 | 44,000.00 | 43,137.00 | - |
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On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement...
On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement...
On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement from Pharmacy, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $44,000 each, payable semiannually on June 30 and December 31 of each year. The equipment was acquired by Pharmacy at a cost of $364,000 and was expected to have a useful life of 5 years with no residual value. Both...
On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement from Pharmacy, whic...
On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement from Pharmacy, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $44,000 each, payable semiannually on June 30 and December 31 of each year. The equipment was acquired by Pharmacy at a cost of $364,000 and was expected to have a useful life of 5 years with no residual value. Both...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $48,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $368,000 and was expected to have a useful life of five years with no residual...
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On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $57,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $377,000 and was expected to have a useful life of five years with no residual...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $109,000 and were expected to have a useful life of Five years...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $109,000 and were expected to have a useful life of Five years...
On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109,000 and were expected to have a useful life of Five years...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $10,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $91,000 and were expected to have a useful life of five years...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $16,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $103,000 and were expected to have a useful life of five years...
On January 1, 2023, SBI leased several items of equipment under a two-year operating lease agreement from Pharmacy, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $44,000 each, payable semiannually on June 30 and December 31 of each year. The equipment was acquired by Pharmacy at a cost of $364,000 and was expected to have a useful life of 5 years with no residual value. Both...
On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $48,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $368,000 and was expected to have a useful life of five years with no residual...
On January 1, 2018, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $19,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by Computerworld at a cost of $109,000 and were expected to have a useful life of Five years...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $16,500 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $103,000 and were expected to have a useful life of five years...
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