Assuming that this is classified as an operating lease, create an amortization table for the right-of-use asset.Amortization of Right-of-Use AssetLeaseExpenseAmortization of Right-Interestof-UseAsset12/31/201912/31/2020N12/31/20212312/31/202212/31/2023TotalAnswer:Amortization of Right-of-Use AssetLeaseExpenseAmortization of Right-Interestof-UseAsset12/31/2019 12,4002,37110,02912/31/2020 12,4001,83710,56312/31/202112,4001,26611,13412/31/202212,40065411,74612/31/202312,400012,400Total62,0006,12855,872Diff: 2 Var: 1Objective: 18.4IFRS/GAAP: GAAPAACSB: Application of knowledge22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease.Answer:

Lease:A lease is a type of contract in which one person gives the right to another person in order…

Amortization of Right-of-Use Asset Amortizatio Lease Expense n of Right- Interest of-Use Asset 12/31/2019 12,400 2,371 10,029 12/31/2020 12,400 1,837 10,563 12/31/2021 12,400 1,266 11,134 12/31/2022 12,400 654 11,746 12/31/2023 12,400 이 12,400 Total 62,000 6,128 55,872 Diff: 2 Var: 1 Objective: 18.4 IFRS/GAAP: GAAP AACSB: Application of knowledge 22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease. Answer:

Amortization of Right-of-Use Asset Amortizatio Lease Expense n of Right- Interest of-Use Asset 12/31/2019 12,400 2,371 10,029 12/31/2020 12,400 1,837 10,563 12/31/2021 12,400 1,266 11,134 12/31/2022 12,400 654 11,746 12/31/2023 12,400 이 12,400 Total 62,000 6,128 55,872 Diff: 2 Var: 1 Objective: 18.4 IFRS/GAAP: GAAP AACSB: Application of knowledge 22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease. Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ONLY NEED ASSISTANCE WITH NUMBER 8, What amount would NIC record as a right-of-use asset at the beginning of the lease?
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help me to answer the question with supporting computation. thank you 1. How much should malu record as an asset called right of use asset under present gaap, and a corresponding liability at the beginning of the lease? 2. Assume this time it is an operating lease insted of a capital/finance lease, how much right of use asset should malu record at the beginning of the lease?