High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2018. High T...

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High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2018. High Time has the option to renew Import a ne 1 Record the beginning of the lease for High Time. 2 Record the lease payment for High Time 3 Record the lease an Effective Interest Decrease in Balance ease Date Balance Jan. 1, 2018 Mar 31, 2018 June 30, 2018 Sept 30, 2018 Dec. 31, 2018 TABLE 2 Present Value of $1 PV $1 n/i 1.096 1.596 2.096 2.596 3.096 3.596 4.096 4.596 5.0% 5.596 6.0% 7.0% 9.0% 10.0% 11.0% 1 TABLE 4 Present Value of an Ordinary Annuity of $1 PVA n/i 1.0% 1.5% 2.0% 2.596 3.096 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% TABLE 6 Present Value of an Annuity Due of $1 PVAD n/i 1.0% 1.5% 2.0% 2.596 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0%

High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2018. High Time has the option to renew the lease at the end of two years for an additional three years for $9,500 per quarter. Adventures purchased the equipment at a cost of $223,930.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term Lease renewal option for an additional 3 years at $9, 500 per quarter Quarterly lease payments Economic life of asset Interest rate charged by the lessor 3years e 99, 500 Po,d nr. 32, June 30, 17,500 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter. 5 years 123 Required 1. Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2018. Appropriate adjusting entries are made quarterly 2. Prepare an amortization schedule for the term of the lease.
Import a ne 1 Record the beginning of the lease for High Time. 2 Record the lease payment for High Time 3 Record the lease and interest payment for High Time 4 Record the amortization of right-to-use asset for High Time.
Effective Interest Decrease in Balance ease Date Balance Jan. 1, 2018 Mar 31, 2018 June 30, 2018 Sept 30, 2018 Dec. 31, 2018 Mar. 31, 2019 June 30, 2019 Sept. 30, 2019 Dec. 31, 2019 Mar 31, 2020 June 30, 2020 Sept. 30, 2020 Dec. 31, 2020 Mar 31, 2021 June 30, 2021 Sept. 30, 2021 Dec. 31, 2021 Mar 31, 2022 June 30, 2022 Sept. 30, 2022 17,500 17,500 17,500 17,500 17,500 17,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 9,500 0
TABLE 2 Present Value of $1 PV $1 n/i 1.096 1.596 2.096 2.596 3.096 3.596 4.096 4.596 5.0% 5.596 6.0% 7.0% 9.0% 10.0% 11.0% 12.0% 8.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 0.98030 0.97066 0.96117 0.95181 0.94260 0.93351 0.92456 0.91573 0.90703 0.89845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 3 0.97059 0.95632 0.94232 0.92860 0.91514 0.90194 0.88900 0.87630 0.86384 0.85161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 4 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 0.85480 0.83856 0.82270 0.80722 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 5 0.95147 0.92826 0.90573 0.88385 0.86261 0.84197 0.82193 0.80245 0.78353 0.76513 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 0.33490 7 0.93272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 0.68744 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 О.73069 0.70319 0.67684 0.65 160 0.62741 O.58201 0.54027 0.50187 O.46651 O.43393 040388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 0.64461 0.61763 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.64393 0.61391 0.58543 0.55839 0.50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 11 0.89632 0.84893 0.80426 0.76214 0.72242 0.68495 0.64958 0.61620 0.58468 0.55491 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 12 0.88745 0.83639 0.78849 0.74356 0.70138 0.66178 0.62460 0.58966 0.55684 0.52598 0.49697 0.44401 0.39711 0.35553 0.31863 0.28584 0.256 13 0.87866 0.82403 0.77303 0.72542 0.68095 0.63940 0.60057 0.56427 0.53032 0.49856 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.1345 0.11216 0.09346 14 0.86996 0.81185 0.75788 0.70773 0.66112 0.61778 0.57748 0.53997 0.50507 0.47257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 0.86135 0.79985 0.74301 0.69047 0.64186 0.59689 0.55526 0.51672 0.48102 0.44793 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.06491 16 0.85282 0.78803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 0.45811 0.42458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 17 0.84438 0.77639 0.71416 0.65720 0.60502 0.55720 0.51337 0.47318 0.43630 0.40245 0.37136 0.31657 0.27027 0.23107 0.19784 0.16963 0.14564 0.04507 18 0.83602 0.76491 0.70016 0.64117 0.58739 0.53836 0.49363 0.45280 0.41552 0.38147 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.03756 19 0.82774 0.75361 0.68643 0.62553 0.57029 0.52016 0.47464 0.43330 0.39573 0.36158 0.33051 0.27651 0.23171 0.19449 0.163510.13768 0.11611 0.03130 608 20 0.81954 0.74247 0.67297 0.61027 0.55368 0.50257 0.45639 0.41464 0.37689 0.34273 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.1036 7 0.02 21 0.81143 0.73150 0.65978 0.59539 0.53755 0.48557 0.43883 0.39679 0.35894 0.32486 0.29416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09256 0.02174 24 0.78757 0.69954 0.62172 0.55288 0.49193 0.43796 0.39012 0.34770 0.31007 0.27666 0.24698 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 0.77977 0.68921 0.60953 0.53939 0.47761 0.42315 0.37512 0.33273 0.29530 0.26223 0.23300 0.18425 0.14602 0.11597 0.09230 0.07361 0.05882 0.01048 28 0.75684 0.65910 0.57437 0.50088 0.43708 0.38165 0.33348 0.29157 0.25509 0.22332 0.19563 0.15040 0.11591 0.08955 0.06934 0.05382 0.04187 0.00607 749340.649360. 5631 1 0.48866 0.42435 0.36875 0.320650.27902 0.24295 0.21 168 0.18456 O.14056 0.10733 0.08215 Ο.06304 0.04849 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35628 0.30832 0.26700 0.23138 0.20064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 31 0.73458 0.63031 0.54125 0.46511 0.39999 0.34423 0.29646 0.25550 0.22036 0.19018 40 0.67165 0.55126 0.45289 0.37243 0.30656 0.25257 0.20829 0.17193 0.14205 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00068 0.16425 0.12277 0.09202 0.06915 0.05210 0.03935 0.02980 0.00351
TABLE 4 Present Value of an Ordinary Annuity of $1 PVA n/i 1.0% 1.5% 2.0% 2.596 3.096 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 0.99010 0.98522 0.98039 0.97561 0.97087 0.96618 0.96154 0.95694 0.95238 0.94787 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.83333 2 1.97040 1.95588 1.94156 1.92742 1.91347 1.89969 1.88609 1.87267 1.85941 1.84632 1.83339 1.80802 1.78326 1.75911 1.73554 1.71252 1.69005 1.52778 3 2.94099 2.91220 2.88388 2.85602 2.82861 2.80164 2.77509 2.74896 2.72325 2.69793 2.67301 2.62432 2.57710 2.53129 2.48685 2.44371 2.40183 2.10648 4 3.90197 3.85438 3.80773 3.76197 3.71710 3.67308 3.62990 3.58753 3.54595 3.50515 3.46511 3.38721 3.31213 3.23972 3.16987 3.10245 3.03735 2.58873 5 4.85343 4.78264 4.71346 4.64583 4.57971 4.51505 4.45182 4.38998 4.32948 4.27028 4.21236 4.10020 3.99271 3.88965 3.79079 3.69590 3.60478 2.99061 6 5.79548 5.69719 5.60143 5.50813 5.41719 5.32855 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 4.62288 4.48592 4.35526 4.23054 4.11141 3.32551 6.72819 6.59821 6.47199 6.34939 6.23028 6.11454 6.00205 5.89270 5.78637 5.68297 5.58238 5.38929 5.20637 5.03295 4.86842 4.71220 4.56376 3.60459 8 7.65168 7.48593 7.32548 7.1 7014 7.01969 6.87396 6.732746.59589 646321 6.33457 620Я79 597120574664 5.534825.3303 sies 2.-574312316 9 8.56602 8.36052 8.16224 7.97087 7.78611 7.60769 7.43533 7.26879 7.10782 6.95220 6.80169 6.51523 6.24689 5.99525 5.75902 5.53705 5.32825 4.03097 10 9.47130 9.22218 8.98259 8.75206 8.53020 8.31661 8.11090 7.91272 7.72173 7.53763 7.36009 7.02358 6.71008 6.41766 6.14457 5.88923 5.65022 4.19247 11 10.36763 10.07112 9.78685 9.51421 9.25262 9.00155 8.76048 8.52892 8.30641 8.09254 7.88687 7.49867 7.13896 6.80519 6.49506 6.20652 5.93770 4.32706 12 11.25508 10.90751 10.57534 10.25776 9.95400 9.66333 9.38507 9.11858 8.86325 8.61852 8.38384 7.94269 7.53608 7.16073 6.81369 6.49236 6.19437 4.43922 13 12.13374 11.73153 11.34837 10.98319 10.63496 10.30274 9.98565 9.68285 9.39357 9.11708 8.85268 8.35765 7.90378 7.48690 7.10336 6.74987 6.42355 4.53268 14 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 10.22283 989864 95896s 929498 8.74547 82442· 7.786157.36669 srn37s6281,.sis7 15 13.86505 13.34323 12.84926 12.38138 11.93794 11.51741 11.11839 10.73955 10.37966 10.03758 9.71225 9.10791 8.55948 8.06069 7.60608 7.19087 6.81086 4.67547 16 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 11.23402 10.83777 10.46216 10.10590 9.44665 8.85137 8.31256 7.82371 7.37916 6.97399 4.72956 17 15.56225 14.90765 14.29187 13.71220 13.16612 12.65132 12.16567 11.70719 11.27407 10.86461 10.47726 9.76322 9.12164 8.54363 8.02155 7.54879 7.11963 4.77463 18 16.39827 15.67256 14.99203 14.35336 13.75351 13.18968 12.65930 12.15999 11.68959 11.24607 10.82760 10.05909 9.37189 8.75563 8.20141 7.70162 7.24967 4.81219 19 17.22601 16.42617 15.67846 14.97889 14.32380 13.70984 13.13394 12.59329 12.08532 11.60765 11.15812 10.33560 9.60360 8.95011 8.36492 7.83929 7.36578 4.84350 20 18.04555 17.16864 16.35143 15.58916 14.87747 14.21240 13.59033 13.00794 12.46221 11.95038 11.46992 10.59401 981815 9.12855 8.51356 7.96333 746944 4.86958 21 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 13.40472 12.82115 12.27524 11.76408 10.83553 10.01680 9.29224 8.64869 8.07507 7.56200 4.89132 25 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 14.82821 14.09394 13.41393 12.78336 11.65358 10.67478 982258 9.07704 8.42174 7.84314 4.94759 30 25.80771 24.01584 22.39646 20.93029 19.60044 18.39205 17.29203 16.28889 15.37245 14.53375 13.76483 12.40904 11.25778 10.27365 9.42691 8.69379 8.05518 4.97894 40 32.83469 29.91585 27.35548 25.10278 23.11477 21.35507 19.79277 18.40158 17.15909 16.04612 15.04630 13.33171 11.92461 10.75736 9.77905 8.95105 8.24378 4.99660
TABLE 6 Present Value of an Annuity Due of $1 PVAD n/i 1.0% 1.5% 2.0% 2.596 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 20.0% 1 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 00000 1.00000 1.00000 1.00000 1.00000 2 1.99010 1.98522 1.98039 1.97561 197087 1.96618 1.96154 1.95694 1.95238 1.94787 1.94340 1.93458 1.92593 1.91743 1.90909 1.90090 1.89286 1.83333 3 2.97040 2.95588 2.94156 292742 2.91347 2.89969 2.88609 2.87267 2.85941 2.84632 2.83339 2.80802 2.78326 2.75911 2.73554 2.71252 2.69005 2.52778 4 3.94099 3.91220 3.88388 3.85602 3.82861 3.80164 3.77509 3.74896 3.72325 3.69793 3.67301 3.62432 3.57710 3.53129 3.48685 3.44371 3.40183 3.10648 5 4.90197 4.85438 4.807734.76197 4.71710 4.67308 4.62990 4.58753 4.54595 4.50515 4.465114.38721 4.31213 4.23972 4.16987 4.10245 4.03735 3.58873 1.00000 6 5.85343 5.78264 5.71346 5.64583 5.57971 5.51505 5.45182 5.38998 5.32948 5.27028 5.21236 5.10020 4.99271 4.88965 4.79079 4.69590 4.60478 3.99061 7 6.79548 6.69719 6.60143 6.50813 6.41719 6.32855 6.24214 6.15787 6.07569 5.99553 5.91732 5.76654 5.62288 5.48592 5.35526 5.23054 5.11141 4.32551 8 7.72819 7.59821 7.47199 7.34939 7.23028 7.11454 7.00205 6.89270 6.78637 6.68297 6.58238 6.38929 6.20637 6.03295 5.86842 5.71220 5.56376 4.60459 9 8.65168 8.48593 8.32548 8.17014 8.01969 7.87396 7.73274 7.59589 7.46321 7.33457 7.20979 6.97130 6.74664 6.53482 6.33493 6.14612 5.96764 4.83716 10 9.56602 9.36052 9.16224 8.97087 8.78611 8.60769 8.43533 8.26879 8.10782 7.95220 7.80169 7.51523 7.24689 6.99525 6.75902 6.53705 6.32825 5.03097 11 10.47130 10.22218 9.98259 9.75206 9.53020 9.31661 9.11090 8.91272 8.72173 8.53763 8.36009 8.02358 7.71008 7.41766 7.14457 6.88923 6.65022 5.19247 12 11.36763 11.07112 10.78685 10.51421 10.25262 10.00155 9.76048 9.52892 9.30641 9.09254 8.88687 8.498678.13896 7.80519 7.49506 7.20652 6.93770 5.32706 13 12.25508 11.90751 11.57534 11.25776 10.95400 10.66333 10.38507 10.11858 9.86325 9.61852 9.38384 8.94269 8.53608 8.16073 7.81369 7.49236 7.19437 5.43922 14 13.13374 12.73153 12.34837 11.98318 11.63496 11.30274 10.98565 10.68285 10.39357 10.11708 9.85268 9.35765 8.90378 8.48690 8.10336 7.74987 7.42355 5.53268 15 14.00370 13.54338 13.10625 12.69091 12.29607 11.92052 11.56312 11.22283 10.89864 10.58965 10.29498 9.74547 9.24424 8.78615 8.36669 7.98187 7.62817 5.61057 16 14.86505 14.34323 13.84926 13.38138 12.93794 12.51741 12.11839 11.73955 11.37966 11.03758 10.71225 10.10791 9.55948 9.06069 8.60608 8.19087 7.81086 5.67547 17 15.71787 15.13126 14.57771 14.05500 13.56110 13.09412 12.65230 12.23402 11.83777 11.46216 11.10590 10.44665 9.85137 9.31256 8.82371 8.37916 7.97399 5.72956 18 16.56225 15.90765 15.29187 14.71220 14.16612 13.65132 13.16567 12.70719 12.27407 11.86461 11.47726 10.76322 10.12164 9.54363 9.02155 8.54879 8.11963 5.77463 19 17.39827 16.67256 15.99203 15.35336 14.75351 14.18968 13.65930 13.15999 12.68959 12.24607 11.82760 11.05909 10.37189 9.75563 9.20141 8.70162 8.24967 5.81219 20 18.22601 17.42617 16.67846 15.97889 15.32380 14.70984 14.13394 13.59329 13.08532 12.60765 12.15812 11.33560 10.60360 9.95011 9.36492 8.83929 8.36578 5.84350 21 19.045S5 18.16864 17.35143 16.58916 15.87747 15.21240 14.59033 14.00794 13.46221 12.95038 12.46992 11.59401 10.81815 10.12855 9.51356 8.96333 8.46944 5.86958 25 22.24339 21.03041 19.91393 18.88499 17.93554 17.05837 16.24696 15.49548 14.79864 14.15170 13.55036 12.46933 11.52876 10.70661 9.98474 9.34814 8.78432 5.93710 30 26.06579 24.37608 22.84438 21.45355 20.18845 19.03577 17.98371 17.02189 16.14107 15.33310 14.59072 13.27767 12.15841 11.19828 10.36961 9.65011 9.02181 5.97472 40 33.16303 30.36458 27.90259 25.73034 23.80822 22.10250 20.58448 19.22966 1801704 16.92866 15.94907 1426493 12.87ss8 1172552 10.756% 9.93567 9.2330359952

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High Time Tours Requirement1: Requirement 2: Journal Enteries Date 1.1.2018Right-of-use asset a/c Dr Increase Particulars Deb

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High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2018. High T...

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