Please note if you get 82,000.27 as the lease receivable at commencement and for the amortization schedule it's incorrect.
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Please note if you get 82,000.27 as the lease receivable at
commencement and for the amortization...
The following facts pertain to a non-cancelable lease agreement between Tamarisk Leasing Company and Carla Vista...
The following facts pertain to a non-cancelable lease agreement between Tamarisk Leasing Company and Carla Vista Company, a lessee. May 1, 2020 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate $17,865.02 $7,000 5 years 10 years $65,000 $85,000...
The following facts pertain to a non-cancelable lease agreement between Metlock Leasing Company and Ivanhoe Company,...
The following facts pertain to a non-cancelable lease agreement between Metlock Leasing Company and Ivanhoe Company, a lessee. May 1, 2020 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate $19,656.69 $7,000 5 years 10 years $65,000 $93,000 6%...
Exercise 21A-10 a-d (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between...
Exercise 21A-10 a-d (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Crane Leasing Company and Larkspur Company, a lessee. May 1, 2017 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $15,138.16 $4,000 5...
Exercise 21A-10 a-d (Part Level Submission) The following facts pertain to a non-cancelable lease agreement betwee...
Exercise 21A-10 a-d (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Crane Leasing Company and Larkspur Company, a lessee. May 1, 2017 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $15,138.16 $4,000 5...
Question 12 The following facts pertain to a non-cancelable lease agreement between Shamrock Leasing Company and...
Question 12 The following facts pertain to a non-cancelable lease agreement between Shamrock Leasing Company and Pharoah Company, a lessee. Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $17,865.02 Bargain purchase option price at end of lease term $7,000 Lease term 5 years Economic life of leased equipment 10 years Lessor’s cost $65,000 Fair value of asset at May 1, 2020 $85,000 Lessor’s implicit rate 6 % Lessee’s...
Exercise 21A-10 a-d The following facts pertain to a non-cancelable lease agreement between Pharoah Leasing Company...
Exercise 21A-10 a-d The following facts pertain to a non-cancelable lease agreement between Pharoah Leasing Company and Shamrock Company, a lessee. May 1, 2017 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment $15,138.16 $4,000 5 years 10 years Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate...
E21.10 (LO 2,4) (Lessee Entries with Bargain Purchase Option) The following facts pertain to a non-cancelable...
E21.10 (LO 2,4) (Lessee Entries with Bargain Purchase Option) The following facts pertain to a non-cancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee. May 1, 2020 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate...
Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning...
Commencement date May 1, 2020
Annual lease payment due at the beginning of each year,
beginning with May 1, 2020 $17,225.30
Bargain purchase option price at end of lease term $4,000
Lease term 5 years
Economic life of leased equipment 10 years
Lessor’s cost $55,000
Fair value of asset at May 1, 2020 $77,000
Lessor’s implicit rate 8 % ; Lessee’s incremental borrowing rate
8 % ;The collectibility of the lease payments by Metlock is
probable.
Prepare the journal entries...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company....
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $74,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Exercise 21-9 The following facts pertain to a noncancelable lease agreement between Crane Leasing Company and...
Exercise 21-9 The following facts pertain to a noncancelable lease agreement between Crane Leasing Company and Cheyenne Company, a lessee. Inception date: May 1, 2017 Annual lease payment due at the beginning of each year, beginning with May 1, 2017 $19,153.46 Bargain-purchase option price at end of lease term $4,300 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $69,000 Fair value of asset at May 1, 2017 $84,000 Lessor's implicit rate 9% Lessee's incremental borrowing...
The following facts pertain to a non-cancelable lease agreement between Tamarisk Leasing Company and Carla Vista Company, a lessee. May 1, 2020 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate $17,865.02 $7,000 5 years 10 years $65,000 $85,000...
The following facts pertain to a non-cancelable lease agreement between Metlock Leasing Company and Ivanhoe Company, a lessee. May 1, 2020 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate $19,656.69 $7,000 5 years 10 years $65,000 $93,000 6%...
Exercise 21A-10 a-d (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Crane Leasing Company and Larkspur Company, a lessee. May 1, 2017 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $15,138.16 $4,000 5...
Exercise 21A-10 a-d (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Crane Leasing Company and Larkspur Company, a lessee. May 1, 2017 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate $15,138.16 $4,000 5...
Exercise 21A-10 a-d The following facts pertain to a non-cancelable lease agreement between Pharoah Leasing Company and Shamrock Company, a lessee. May 1, 2017 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment $15,138.16 $4,000 5 years 10 years Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate Lessee's incremental borrowing rate...
E21.10 (LO 2,4) (Lessee Entries with Bargain Purchase Option) The following facts pertain to a non-cancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee. May 1, 2020 Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2020 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate...
Commencement date May 1, 2020
Annual lease payment due at the beginning of each year,
beginning with May 1, 2020 $17,225.30
Bargain purchase option price at end of lease term $4,000
Lease term 5 years
Economic life of leased equipment 10 years
Lessor’s cost $55,000
Fair value of asset at May 1, 2020 $77,000
Lessor’s implicit rate 8 % ; Lessee’s incremental borrowing rate
8 % ;The collectibility of the lease payments by Metlock is
probable.
Prepare the journal entries...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Kingbird Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $74,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Exercise 21-9 The following facts pertain to a noncancelable lease agreement between Crane Leasing Company and Cheyenne Company, a lessee. Inception date: May 1, 2017 Annual lease payment due at the beginning of each year, beginning with May 1, 2017 $19,153.46 Bargain-purchase option price at end of lease term $4,300 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $69,000 Fair value of asset at May 1, 2017 $84,000 Lessor's implicit rate 9% Lessee's incremental borrowing...
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