Homework Answers
| Lease Amortization Schedule | ||||
| Date | Annual lease payments plus BPO | Interest in Liability | Reduction of Lease Liability | Lease Liability |
| 5/1/2017 | $ 68,000.00 | |||
| 5/1/2017 | $ 15,138.16 | $ - | $ 15,138.16 | $ 52,861.84 |
| 5/1/2018 | $ 15,138.16 | $ 4,228.95 | $ 10,909.21 | $ 41,952.63 |
| 5/1/2019 | $ 15,138.16 | $ 3,356.21 | $ 11,781.95 | $ 30,170.68 |
| 5/1/2020 | $ 15,138.16 | $ 2,413.65 | $ 12,724.51 | $ 17,446.17 |
| 5/1/2021 | $ 15,138.16 | $ 1,395.69 | $ 13,742.47 | $ 3,703.71 |
| 4/30/2022 | $ 4,000.00 | $ 296.30 | $ 3,703.70 | $ 0.00 |
Working:
| Lease Amortization Schedule | ||||
| Date | Annual lease payments plus BPO (A) | Interest in Liability (B= Lease liability *8) | Reduction of Lease Liability (C = A-B) | Lease Liability (D) |
| 5/1/2017 | $ 68,000.00 | |||
| 5/1/2017 | $ 15,138.16 | $ - | $ 15,138.16 (15138.16 -0) | $ 52,861.84 |
| 5/1/2018 | $ 15,138.16 | $ 4,228.95 (52861.84 *8%) | $ 10,909.21(15138.16-422895) | $ 41,952.63 |
| 5/1/2019 | $ 15,138.16 | $ 3,356.21 (41952.63 *8%) | $ 11,781.95 (15138.16-2413.65) | $ 30,170.68 |
| 5/1/2020 | $ 15,138.16 | $ 2,413.65 (30170.68*8%) | $ 12,724.51(15138.16-2413.65) | $ 17,446.17 |
| 5/1/2021 | $ 15,138.16 | $ 1,395.69 (17446.17*8%) | $ 13,742.47 (15138.16-1395.69) | $ 3,703.71 |
| 4/30/2022 | $ 4,000.00 | $ 296.30 (3703.71*8%) | $ 3,703.70 (4000 -296.30) | $ 0.00 |
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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...
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please help with the journal entries Exercise 21A-10 a-d (Part Level Submission) The following facts pertain...
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Residual value of equipment at end of lease term,
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Problem 21A-1 a-c (Part Level Submission)
The following facts pertain to a non-cancelable lease agreement
between Faldo Leasing Company and Sweet Company, a lessee.
Commencement date January 1,
2017
Annual lease payment due at the beginning of
each year, beginning with January 1, 2017
$104,738
Residual value of equipment at end of lease term,
guaranteed by the lessee
$54,000
Expected residual value of equipment at end of lease
term $49,000
Lease term 6 years
Economic...
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%...
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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...
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