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0.68058 On January 1, 2021, Benjamin Company leased equipment from Delta Manufacturer under a three-year lease agreement. The lease agreement specified annual payments of $60,000 beginning January 1, 2021, the beginning of the lease, and on each December 31 thereafter through 2022. On December 31, 2023, the equipment was reverted back to Delta The equipment was manufactured by Delta at a cost of $150,996 and was expected to have a useful life of three years with no salvage value at the end of its life. The fair value of equipment is at $166,996. Delta seeks an 8% retum on its lease contract, which is known by Benjamin Present value of ordinary Present value Present value annuity of $1 at of annuity due Period of $1 at 8% 8% of $1 at 8% 0.79383 2.57710 2.78326 3.99271 4.31213 (Do not add dollar sign, do not add comma by yourself to your amount, round the answer to the whole number; use minus sign if the amount is negative) Answer the following questions: 1. Assume the lease is classified as a finance lease/sales-type lease .. What is the amount related to the lease that Benjamin will report in its income statement for the year ended December 31, 2021? (Ignore income taxes.) [a] b. What is the balance of lease liability that Benjamin will report in its balance sheet at December 31, 2021? [b] c. What is the balance of right-of-use asset that Benjamin will report in its balance sheet at December 31, 2021? [c] d. What is the amount related to the bonds that Benjamin will report in its statement of cash flows for the year ended December 31, 2021? Indicate the category in which to classify cash flows. [d] activities at [e] (amount), [] activities [g] (amount) e. Assume Delta incurred $860 of legal fees for the lease execution. What is the amount related to the lease that Delta will report in its income statement for the year ended December 31, 2021? [h] 2. Assume the equipment has useful life of 5 years (not 3 years) with no residual value. The fair value of equipment is $220,000 (not $ 166,996). Lease term is still 3 years and annual lease payment is still $60,000 beginning January 1, 2021, and on each December 31 thereafter through 2022. The lease is now classified as an operating lease. What is the balance of right-of-use asset that Benjamin will report in its balance sheet at December 31, 20217 ) Correct Answer -64225 Correct Answer 55556 Correct Answer 111330 Correct Answer operating financing Correct Answers Tor: a Evaluation Method Exact Match Correct Answers for: b Evaluation Method Exact Match Correct Answers for Evaluation Method Exact Match Correct Answers ford Evaluation Method Exact Match Exact Match Correct Answers for: Evaluation Method Exact Match Exact Match Correct Answers for Evaluation Method Exoc Match Exact Match Correct Answers for: 8 Evaluation Method Exact Match Exact Match Correct Answers for: Evaluation Method Exact Match Correct Answers for i Evaluation Method Doc March Correct Answer 8560 -111440 Correct Answer operating financing Correct Answer -8560 -111440 Correct Answer 23700 Correct Answer 115555 0.68058 On January 1, 2021, Benjamin Company leased equipment from Delta Manufacturer under a three-year lease agreement. The lease agreement specified annual payments of $60,000 beginning January 1, 2021, the beginning of the lease, and on each December 31 thereafter through 2022. On December 31, 2023, the equipment was reverted back to Delta The equipment was manufactured by Delta at a cost of $150,996 and was expected to have a useful life of three years with no salvage value at the end of its life. The fair value of equipment is at $166,996. Delta seeks an 8% retum on its lease contract, which is known by Benjamin Present value of ordinary Present value Present value annuity of $1 at of annuity due Period of $1 at 8% 8% of $1 at 8% 0.79383 2.57710 2.78326 3.99271 4.31213 (Do not add dollar sign, do not add comma by yourself to your amount, round the answer to the whole number; use minus sign if the amount is negative) Answer the following questions: 1. Assume the lease is classified as a finance lease/sales-type lease .. What is the amount related to the lease that Benjamin will report in its income statement for the year ended December 31, 2021? (Ignore income taxes.) [a] b. What is the balance of lease liability that Benjamin will report in its balance sheet at December 31, 2021? [b] c. What is the balance of right-of-use asset that Benjamin will report in its balance sheet at December 31, 2021? [c] d. What is the amount related to the bonds that Benjamin will report in its statement of cash flows for the year ended December 31, 2021? Indicate the category in which to classify cash flows. [d] activities at [e] (amount), [] activities [g] (amount) e. Assume Delta incurred $860 of legal fees for the lease execution. What is the amount related to the lease that Delta will report in its income statement for the year ended December 31, 2021? [h] 2. Assume the equipment has useful life of 5 years (not 3 years) with no residual value. The fair value of equipment is $220,000 (not $ 166,996). Lease term is still 3 years and annual lease payment is still $60,000 beginning January 1, 2021, and on each December 31 thereafter through 2022. The lease is now classified as an operating lease. What is the balance of right-of-use asset that Benjamin will report in its balance sheet at December 31, 20217 ) Correct Answer -64225 Correct Answer 55556 Correct Answer 111330 Correct Answer operating financing Correct Answers Tor: a Evaluation Method Exact Match Correct Answers for: b Evaluation Method Exact Match Correct Answers for Evaluation Method Exact Match Correct Answers ford Evaluation Method Exact Match Exact Match Correct Answers for: Evaluation Method Exact Match Exact Match Correct Answers for Evaluation Method Exoc Match Exact Match Correct Answers for: 8 Evaluation Method Exact Match Exact Match Correct Answers for: Evaluation Method Exact Match Correct Answers for i Evaluation Method Doc March Correct Answer 8560 -111440 Correct Answer operating financing Correct Answer -8560 -111440 Correct Answer 23700 Correct Answer 115555