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...
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...
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...
please help with the journal entries Exercise 21A-10 a-d (Part Level Submission) The following facts pertain...
please help with the journal entries
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, 201 Commencement date Annual lease payment due at the beginning of $15,138.16 each year, beginning with May 1, 2017 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 $50,000 Fair value of asset at...
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...
Problem 21A-1 a-c (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between...
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,...
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%...
NEED ASAP ON A B C The following facts pertain to a non-cancelable lease agreement between...
NEED ASAP ON A B C
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee. Lease term Commencement date January 1, 2017 Annual lease payment due at the beginning of each year, beginning with January 1, 2017 $113,864 Residual value of equipment at end of lease term, guaranteed by the lessee $50,000 Expected residual value of equipment at end of lease term $45,000 6 years Economic life of leased equipment 6...
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...
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...
Exercise 21-8 The following facts pertain to a noncancelable lease agreement between Coronado Leasing Company and...
Exercise 21-8 The following facts pertain to a noncancelable lease agreement between Coronado Leasing Company and Whispering 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 $21,751.90 $3,700 5 years 10 years $67,000 $93,000...
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...
please help with the journal entries
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, 201 Commencement date Annual lease payment due at the beginning of $15,138.16 each year, beginning with May 1, 2017 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 $50,000 Fair value of asset at...
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...
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%...
NEED ASAP ON A B C
The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Vance Company, a lessee. Lease term Commencement date January 1, 2017 Annual lease payment due at the beginning of each year, beginning with January 1, 2017 $113,864 Residual value of equipment at end of lease term, guaranteed by the lessee $50,000 Expected residual value of equipment at end of lease term $45,000 6 years Economic life of leased equipment 6...
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...
Exercise 21-8 The following facts pertain to a noncancelable lease agreement between Coronado Leasing Company and Whispering 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 $21,751.90 $3,700 5 years 10 years $67,000 $93,000...
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