Homework Answers
| Date | Beginning Balance | Interest Expense | Payments | Decrease in Balance (Lease Liability) | Balance |
| a | b | c | d | e | f |
| b * 9.50% | d - c | b - e | |||
| 01-01-2017 | $ 97,651 | $ - | $ 30,000 | $ 30,000 | $ 67,651 |
| 01-01-2018 | $ 67,651 | $ 6,427 | $ 30,000 | $ 23,573 | $ 44,078 |
| 01-01-2019 | $ 44,078 | $ 4,187 | $ 30,000 | $ 25,813 | $ 18,265 |
| 31-12-2019 | $ 18,265 | $ 1,735 | $ 20,000 | $ 18,265 | $ 0 |
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le above 04 JCorporation enters into a 3-year lease of equiomet , in addition,C n January 1,2017, which . In addition, Corporation lease. requires 3 annual payments of $30,000 each, beginning Jan...
le above 04 JCorporation enters into a 3-year lease of equiomet , in addition,C n January 1,2017, which . In addition, Corporation lease. requires 3 annual payments of $30,000 each, beginning Jan...
le above 04 JCorporation enters into a 3-year lease of equiomet , in addition,C n January 1,2017, which . In addition, Corporation lease. requires 3 annual payments of $30,000 each, beginning January 1.2 guarantees the lessor a residual value of $20,000 at the end of the The equipment has a useful life ot 4 years The pre interest rate of 9.5%. the minimum lease payment is $97,651 based upon an effectve Required: d use to allocate the annual Prepare the...
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1.
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value at the end of the lease term will be $8,700. The equipment
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journal entries assuming...
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1.
The lease is to be for 3 years with rental payments of $13,700
to be made at the beginning of each year.
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The machinery has a fair value of $65,000, a book value
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