FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

Leasing
Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.
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Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair value. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Amortization General Schedule Journal Complete this question by entering your answers in the tabs below. Payment Date Prepare a lease amortization schedule. Note: Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values. 01/01/2024 03/31/2024 06/30/2024 09/30/2024 12/31/2024 03/31/2024 Lease Payments 2 $15,000 5 8% Effective Interest years (8 quarterly periods) on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter years $ 15,000 $ 15,000 15,000 15,000 15,000 15,000 0 2,897 2,519 2,130 1,729 (1,025) Decrease in Balance 12,603 12,481 12,870 13,271 Lease Balance $ 112,609 (12,603) (25,084) (37,954) (51,225)
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Transcribed Image Text:Baillie Power leased high-tech electronic equipment from Courtney Leasing on January 1, 2024. Courtney purchased the equipment from Doane Machines at a cost of $250,000, its fair value. Note: Use tables, Excel, or a financial calculator. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) Related Information: Lease term Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: Prepare a lease amortization schedule and appropriate entries for Baillie Power from the beginning of the lease through December 31, 2024. December 31 is the fiscal year end for each company. Appropriate adjusting entries are recorded at the end of each quarter. Amortization General Schedule Journal Complete this question by entering your answers in the tabs below. Payment Date Prepare a lease amortization schedule. Note: Round your intermediate calculations and final answers to the nearest whole dollar. Enter all amounts as positive values. 01/01/2024 03/31/2024 06/30/2024 09/30/2024 12/31/2024 03/31/2024 Lease Payments 2 $15,000 5 8% Effective Interest years (8 quarterly periods) on January 1, 2024, and on March 31, June 30, September 30, and December 31 thereafter years $ 15,000 $ 15,000 15,000 15,000 15,000 15,000 0 2,897 2,519 2,130 1,729 (1,025) Decrease in Balance 12,603 12,481 12,870 13,271 Lease Balance $ 112,609 (12,603) (25,084) (37,954) (51,225)
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