Question
American Express Company leases equipment with annual lease payments of $20,000,000, payable at the beginning of each year, for five years. The implicit interest rate
American Express Company leases equipment with annual lease payments of $20,000,000, payable at the beginning of each year, for five years. The implicit interest rate is 5%. Prepare a lease amortization schedule.
Year | Lease Payment | Interest Expense | Reduction of Lease Liability | Lease Liability |
1 | ||||
2 | ||||
3 | ||||
4 | ||||
5 |
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Intermediate Accounting
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
10th Edition
978-0324300987
