nku.7 The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Sage Company, a lessee.Commencement dateAnnual lease payment due at the beginning ofeach year, beginning with January 1,Residual value of equipment at end of lease term,guaranteed by the lesseeExpected residual value of equipment at end of lease termLease termEconomic life of leased equipmentFair value of asset at January 1,Lessor's implicit rateLessee's incremental borrowing rateClick here to view factor tables.(a)LA$Annual LeasePayment Plus GRVJanuary 1,$$110,269$46,000$41,000The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment.Interest onLiability6 years6$622,000Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factorcalculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 5,275.)years5 %5 %SAGE COMPANY (Lessee)Lease Amortization Schedule$Reduction of LeaseLiability$Lease Liability0

Meaning of lease : An agreement of contract that is prepared to transfer the right to use the…

The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Sage Company, a lessee. Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, Lessor's implicit rate Lessee's incremental borrowing rate Click here to view factor tables. (a) $ Annual Lease Payment Plus GRV January 1, $ $110,269 $46,000 $41,000 The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Interest on Liability 6 years 6 years $622,000 Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 5,275.) 5 % 5 % SAGE COMPANY (Lessee) Lease Amortization Schedule $ Reduction of Lease Liability $ Lease Liability

The following facts pertain to a non-cancelable lease agreement between Faldo Leasing Company and Sage Company, a lessee. Commencement date Annual lease payment due at the beginning of each year, beginning with January 1, Residual value of equipment at end of lease term, guaranteed by the lessee Expected residual value of equipment at end of lease term Lease term Economic life of leased equipment Fair value of asset at January 1, Lessor's implicit rate Lessee's incremental borrowing rate Click here to view factor tables. (a) $ Annual Lease Payment Plus GRV January 1, $ $110,269 $46,000 $41,000 The asset will revert to the lessor at the end of the lease term. The lessee uses the straight-line amortization for all leased equipment. Interest on Liability 6 years 6 years $622,000 Prepare an amortization schedule that would be suitable for the lessee for the lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answers to 0 decimal places e.g. 5,275.) 5 % 5 % SAGE COMPANY (Lessee) Lease Amortization Schedule $ Reduction of Lease Liability $ Lease Liability

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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