The reported interest expense related to this lease transaction on lessee's 2011 income statement should be
$5,765
$5,524
$5,023
$5,633
Homework Answers
The interest expense related to the lease transaction in income statement should be $5,524.
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1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
The balance of the interest payable account related to this lease transaction on lessee's balance sheet on December 31, 2010 should be $6,753 $6,603 $6,202 $6,802
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc. 1/1/2010 $18,000...
The current portion of the lease liability related to this lease transaction on lessee's 2011 balance sheet should be $12,655 $12,761 $12,977 $12,785
1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
The net leased equipment reported on lessee's book on December 31, 2010 should be $55,600 $73,596 $65,620 $74,852
1/1/2010 The following facts pertain to a noncancelable lease between JK Co and Lessor Inc. Inception...
The reported non-current portion of the lease liability related to this lease transaction on lessee's balance sheet on December 31, 2010 should be $56,832 $50,227 $57,136 $55,675
1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
This is a capital lease. What dollar amount will JK capitalize for this lease on 1/1/2010(before the required 1/1/2010 payment is made)? $80,025 $83,092 $86,263 $82,023
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc. 1/1/2010 $18,000...
On December 31, 2014, the carrying value of the lease liability on lessee's book should be $45,608 $1,500 $0 $12,800
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics,...
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date Lease term Economic life of leased equipment Residual value at the end of lease term Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2017 October 1, 2017 6 years 7 years $0 8.50% $65,000 The collectability of the lease payments is probable by the lessor. The...
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc. 1/1/2010 $18,000...
To capitalize this lease transaction, lessee should Debit a liability account and credit an asset account. Debit an asset account and credit a liability account. Debit a shareholders' equity account and credit an asset account. Debit an asset account and credit a shareholders' equity account.
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc 1/1/2010 Inception...
This is a sales-type lease to lessor because: The present value of the minimum lease payments is bigger than 90% of the fair value of the leased property The collectibility of the payments is reasonably predictable and lessor's performance is complete. The fair value of the leased asset is bigger than the book value of the leased asset on lessor's book. All of the above.
Question 3 The following facts pertain to a noncancelable lease agreement between Novak Leasing Company and...
Question 3 The following facts pertain to a noncancelable lease agreement between Novak Leasing Company and Splish Company, a lessee. May 1, 2017 Inception 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 $21,737.01 $3,800 5 years 10 years $68,000 $93,000...
The balance of the interest payable account related to this lease transaction on lessee's balance sheet on December 31, 2010 should be $6,753 $6,603 $6,202 $6,802
The current portion of the lease liability related to this lease transaction on lessee's 2011 balance sheet should be $12,655 $12,761 $12,977 $12,785
The net leased equipment reported on lessee's book on December 31, 2010 should be $55,600 $73,596 $65,620 $74,852
The reported non-current portion of the lease liability related to this lease transaction on lessee's balance sheet on December 31, 2010 should be $56,832 $50,227 $57,136 $55,675
This is a capital lease. What dollar amount will JK capitalize for this lease on 1/1/2010(before the required 1/1/2010 payment is made)? $80,025 $83,092 $86,263 $82,023
On December 31, 2014, the carrying value of the lease liability on lessee's book should be $45,608 $1,500 $0 $12,800
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date Lease term Economic life of leased equipment Residual value at the end of lease term Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2017 October 1, 2017 6 years 7 years $0 8.50% $65,000 The collectability of the lease payments is probable by the lessor. The...
To capitalize this lease transaction, lessee should Debit a liability account and credit an asset account. Debit an asset account and credit a liability account. Debit a shareholders' equity account and credit an asset account. Debit an asset account and credit a shareholders' equity account.
This is a sales-type lease to lessor because: The present value of the minimum lease payments is bigger than 90% of the fair value of the leased property The collectibility of the payments is reasonably predictable and lessor's performance is complete. The fair value of the leased asset is bigger than the book value of the leased asset on lessor's book. All of the above.
Question 3 The following facts pertain to a noncancelable lease agreement between Novak Leasing Company and Splish Company, a lessee. May 1, 2017 Inception 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 $21,737.01 $3,800 5 years 10 years $68,000 $93,000...
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