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Prepare a lease liability amortization table for only the first four payments. $($Round the Intermedlate and final answers to the nearest whole dollar amount.$)$

$\backslash$table$[[$Amortization Table$],[\backslash$table$[[$Payment$],[$Period$]],\backslash$table$[[$Opening$],[$Balance$]],$Interest,$\backslash$table$[[$Cash$],[$Payment$]],\backslash$table$[[$Decrease in$],[$Balance$]],\backslash$table$[[$Ending$],[$Balance$]]],[202,,,,,],[203,,,,,],[204,,,,,],[205,,,,,]]$

List the Items that would appear in the lessee's SCI for the year ended $31$ December $20$X$3.($Round the Intermedlate and final answers to the nearest whole dollar amount.$)$

$\backslash$table$[[$Statement of comprehensive income$],[,],[,],[,]]$

A$18-11$ Lessee Accounting; Amortization Table; Entries: $($L$018-2,18-4)$

Watson Co$.$ entered into a lease arrangement for a truck on $1$ April $202$ that had the following terms:

The lease payments are $$13,400$ per year, payable each $1$Aprll for four years. The lease may be renewed at the option of the lessor for a further five years for $$4,000$ per year.

Based on an allocation of the lease payment on relative stand$-$alone prices, the lease and non$-$lease components $($maintenance$)$ are $$12,100$ and $$1,300$ respectively.

Expected amounts to be paid under the residual value guarantee are $$11,400$ if the lessee ends the lease at the end of the first lease term, and $$3,800$ if they end the lease at the end of the second lease term.

The leased asset has a useful ife of ten years and a fair value of $$64,000.$ The interest rate implicit in the lease is $8\%.$

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

$1-$a$.$ Calculate the right$-$of$-$use asset $($Round the Intermedlate and final answer to the nearest whole dollar amount.$)$

Right$-$of$-$use asset

$1-$b$.$ Record the Initial journal entry. $($If no entry Is required for a transaction$/$event$,$ select $"$No Journal entry required" In the first account fleld. Round intermedlate calculatlons and final answers to the nearest whole dollar amount.$)$

Journal entry worksheet

A

Record the inception of lease.

What is the amount of the total lease liability on the balance sheet on $31$ December $203?$ Split this amount into the current and long$-$term portions. $($Round the Intermedlate and final answers to the nearest whole dollar amount.$)$

$\backslash$table$[[$Statement of Financial Position$],[31$ December $20$X$3,],[,],[,]]$

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