Part-2 | |||
Date | Account Tittle | Debit | Credit |
12/31/2021 | Cash | $23,500 | |
Lease Receivable | $23,500.00 |
Skysong Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to...
Skysong Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Sheridan Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Sheridan has the option to purchase the equipment for $23,500 upon termination of the lease. It is not reasonably certain that Sheridan will exercise this option 2. The equipment has a cost of $270,000 and...
Metlock Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Ivanhoe Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Ivanhoe has the option to purchase the equipment for $22,000 upon termination of the lease. It is not reasonably certain that Ivanhoe will exercise this option. 2. The equipment has a cost of $240,000...
Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Blossom Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Blossom has the option to purchase the equipment for $15,000 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option. 2. The equipment has a cost of $100,000...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Skysong Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $77,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
Castle Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Jan Way Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: Jan Way has the option to purchase the equipment for $16,000 upon termination of the lease. It is not reasonably certain that Jan Way will exercise this option. 1. 2. The equipment has a cost...
Skysong Leasing Company signs an agreement on January 1, 2017, to lease equipment to Cole Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6 years. 2. The cost of the asset to the lessor is $401,000. The fair value of the asset at January 1, 2017, is $401,000. 3. The asset will revert to the lessor at the...
Exercise 21A-6 a-b Windsor Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Wildhorse Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. 2. Wildhorse has the option to purchase the equipment for $25,500 upon termination of the lease. It is not reasonably certain that Wildhorse will exercise this option. The equipment has a...
*Exercise 21A-6 a-b Sage Hill Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Oriole Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Oriole has the option to purchase the equipment for $22,500 upon termination of the lease. It is not reasonably certain that Oriole will exercise this option. 2. The equipment has a...
Concord Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Marigold Company. The term of the noncancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Marigold Company has the option to purchase the equipment for $16,000 upon termination of the lease. 2. The equipment has a cost and fair value of $157,000 to Concord Leasing Company. The useful economic life...
Marin Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Cullumber Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Cullumber has the option to purchase the equipment for $27,000 upon termination of the lease. It is not reasonably certain that Cullumber will exercise this option. 2. The equipment has a cost of $340,000 and...