Accounting Problem (Simple) Instructions Com plete Problem 3 png, use the List of Accounts Below List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation Leased Buildings Accumulated Depreciation Buildings Accumulated Depreciation Leased Equipment Accumulated Depreciation Rental Equipment Accumulated Depreciation Right of Use Asset Accumulated Depreciation Software under Lease Accumulated Depreciation Vehicles Accumulated Depreciation Vehicles under Lease Amortization Expense Buildings Buildings under Lease Cash Cost of Goods Sold Deferred Profit on Sale Leaseback Depreciation Expense Equipment Equipment Acquired for Lessee Equipment under Lease Insurance Expense Insurance Payable Insurance Revenue Interest Expense Interest Income Interest Payable Interest Receivable Inventory Land Rental Expense Land under Lease Lease Liability Lease Receivable Legal Expense Loss on Lease Low Value Lease Expense No Entry Obligations under Lease Operating Expenses Prepaid Expenses Prepaid Insurance Prepaid Rent Property Tax Expense Rent Expense Rental Equipment Rent Payable Rent Receivable Rent Revenue Repairs and Maintenance Expense Right of Use Asset Sales Revenue Selling Expenses Short Term Lease Expense Software under Lease Unearned Interest Income Unearned Rent Revenue Vehicles Vehicles under Lease Problem 3 png Wildhorse Corporation, which uses ASPE, enters into a 6 year lease of equipment on September 1, 2020, that requires 6 annual payments of $30,900 each, beginning September 1, 2020 In addition, Wildhorse guarantees the lessor a residual value of $21,900 at lease end The equipment has a useful life of seven years Assume that for Moxey Corporation, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the equipment's carrying amount is $144,000 Prepare Moxey's September 1, 2020 journal entries, assuming an interest rate of 9 (Credit account titles are automatically indented when the amount is entered Do not indent manually If no entry is required, select No Entry for the account titles and enter O for the amounts Round factor values to 5 decimal places, e g 1 25124 and final answers to O decimal places, e g 5,275 ) Date Account Titles and Explanation Debit Credit Sept 1 (To record inception of lease ) Sept 1 (To record cost of goods sold ) Sept 1 (To record first lease payment )

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Accounting Problem (Simple) Instructions Com plete Problem 3.png, use the List of Accounts Below. List of Accounts Accounts Payable Accounts Receivable Accumulated Depreciation - Leased

Accounting Problem (Simple)

Instructions

Com plete Problem 3.png, use the List of Accounts Below.

List of Accounts

Accounts Payable
Accounts Receivable
Accumulated Depreciation - Leased Buildings
Accumulated Depreciation - Buildings
Accumulated Depreciation - Leased Equipment
Accumulated Depreciation - Rental Equipment
Accumulated Depreciation - Right-of-Use Asset
Accumulated Depreciation - Software under Lease
Accumulated Depreciation - Vehicles
Accumulated Depreciation - Vehicles under Lease
Amortization Expense
Buildings
Buildings under Lease
Cash
Cost of Goods Sold
Deferred Profit on Sale-Leaseback
Depreciation Expense
Equipment
Equipment Acquired for Lessee
Equipment under Lease
Insurance Expense
Insurance Payable
Insurance Revenue
Interest Expense
Interest Income
Interest Payable
Interest Receivable
Inventory
Land Rental Expense
Land under Lease
Lease Liability
Lease Receivable
Legal Expense
Loss on Lease
Low Value Lease Expense
No Entry
Obligations under Lease
Operating Expenses
Prepaid Expenses
Prepaid Insurance
Prepaid Rent
Property Tax Expense
Rent Expense
Rental Equipment
Rent Payable
Rent Receivable
Rent Revenue
Repairs and Maintenance Expense
Right-of-Use Asset
Sales Revenue
Selling Expenses
Short-Term Lease Expense
Software under Lease
Unearned Interest Income
Unearned Rent Revenue
Vehicles
Vehicles under Lease

Problem 3.png

Wildhorse Corporation, which uses ASPE, enters into a 6-year lease of equipment on September 1, 2020, that requires 6 annual payments of $30,900 each, beginning September 1, 2020. In addition, Wildhorse guarantees the lessor a residual value of $21,900 at lease end. The equipment has a useful life of seven years. Assume that for Moxey Corporation, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the equipment's carrying amount is $144,000. Prepare Moxey's September 1, 2020 journal entries, assuming an interest rate of 9%. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Date Account Titles and Explanation Debit Credit Sept. 1 (To record inception of lease.) Sept. 1 (To record cost of goods sold.) Sept. 1 (To record first lease payment.)