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Lessee Accounting ...

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Question

Accounting

Lessee Accounting

ClassCo: Lessee

Annual payment on first of year in advance for that year

6 year term, 6 year life

entered into lease 1/1/x1

first payment 1/1/x1

capital lease

last payment: 1/1/x6

lease expires: 12/31/x6

Unguaranteed residual:

$12,000

Annual Payment:

$110,000

Incremental borrowing rate

8%

To Do:

A>

Schedule Showing by year & total:

Payments

Capitalized Asset value

Imputed interest

Depreciation [straight line]

Also 3 JE;'s

1/1/x1

at inception

12/31/x1

assume this is only JE for lease ?depreciation of this item in x2

12/31/x2

assume this is only JE since inception in x2

Answer & Explanation Solved by verified expert
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