Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

5 2,200,000 September 30, 2021 Right-of-use asset (calculated below) Lease payable (calculated below) Lease payable Cash (first payment) 2,200,000 143,568 Sint 143,568 Print meteen Calculation

image text in transcribed
5 2,200,000 September 30, 2021 Right-of-use asset (calculated below) Lease payable (calculated below) Lease payable Cash (first payment) 2,200,000 143,568 Sint 143,568 Print meteen Calculation of the present value of lease payments $143,568 153238* = $2.200.000 (rounded) *Present value of an annuity due of $1. n=20,7= 3% Required: What would be the pretax amounts related to the lease that Wilson would report in its statement cash flows for the year ended December 31, 2021? (Cash outflows should be indicated by a minus sign. Do not round your intermediate calculations. Enter your answers in whole dollars.) Reported in Statement of Cash Flows as Disclosure notes for Statement of Cash Flows Amount 2,200,000 s Item Right-of-use asset Lease payments Principal Interest Outflow from financing activities Outflow from operating activities

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Will You Be My Internal Audit Manager

Authors: Benito Gross

1st Edition

B09774C8CK, 979-8521636563

More Books

Students also viewed these Accounting questions