At January 1, 2021. Caf Med leased restaurant equipment from Crescent Corporation under a nine-year lease agreement. The lease agreement specifies annual payments of $24,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 thereafter through 2028. The equipment was acquired recently by Crescent at a cost of $162,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. Crescent records depreciation using the straight-line method. Crescent seeks a 12% return on its lease investments. By this arrangement, the lease is deemed to be an operating lease. (FV of $1. PV of S1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. What will be the effects of the lease on Crescent's earnings for the first year (ignore taxes)? (Enter decreases with negative numbers.) 2. What will be the balances in the balance sheet accounts related to the lease at the end of the first year for Crescent (ignore taxes)? (For all requirements, round your intermediate calculations to the nearest whole dollar amount.) 1 Effect on earnings 2 Equipment balance (net, end of year) Deferred lease revenue TABLE 1 Future Value of $1 FY - $101 f 10% 1.5% 2.046 2.59 3.04 3.5% 40% 45% 50% 5.546 046 7 046 8.0% 0.0% 10.046 11.0% 12.046 20.04 1 1.01000 1.01500 102000 102500 103000 1.03500 1.04000 1.04500 1.05000 1.05500 21.02010 1.03022 1.01040 10506106090 1.07123 108160109203 110250 1.11303 3 1 03030 104568 1.06121 107689 109273 10872 1.12486 1.14117 1.15763 117424 4 104060 1.06136 1.08243 110381 1.12551 1.14752 1.16986 119252 121551 1.23882 5 1.05101 107728 1.10406 113141 1.19927 1.18769 1.21665 1.24618 127628 1.30695 1.05000 1.07000 1.12360 1.14490 119102122501 1.26248 131080 133823 140255 100000 1.09000 1.10000111000 112000 1.16610116810121000 1.23210125440 1.25971 1.29503133100 136763 1.40493 1.36019 141158 146410 1.51807 1.57352 146933 153862 1.61051 1.685061.76234 120000 1.44000 1.72800 2.07360 2.48832 29859 3.58318 6106152109344 112616 115969119405 1.22926 1.26532 130226 1.34010 137834 141852150073 158687 167710 1.77156187041 97182 7 1.07214 110984 1148091.18869 1.22987 1.27228 1.31593 1.36086 1.40710145468 1 50363160578171382 8 2804 1948722.07616 2 21068 8 1.08286 1.12649 1.17166 1.21840 1.26677131681 1.36857 142210 1.47446 153469159385 1.71819 1.850931.99256 2.14359230454 247596 9109309 1.14339 1.19509 1.24886 130477 1.36290 142331 148610 155133161909 168948 1836 1.99900 2.17189235795255801 2.77308 10 110462 1.16054 121899 1.28008 1.34392 141060 1.48024 155297 1.62889 1.70814 179085 1.96715 2.15892 2.36736 259374 2839423.10585 429982 5.15978 619174 3.15176 3.47855 743008 8.91610 11 111567 117795 124337 131209 1.38423 1.45997 1.53945 162285 1.71034 150209189830 2.10185 12112683119562 1.2682 1.34459 142576 151107 160103 169588 1 795861 90121 201220 225219 13 113809 121355 1.29361 137851 146853 1.56396 1.66507 1.77220 1.88565 2.00577 213293 2.40985 14 114947 1.23176 131948141297151259101809 1.7310825194 1979932116092.20090257853 15 116097125023 134557144610 155797 167535 80094 19352 20793223248 239656 2.75903 233164 2.58043285312 2251517 281266 313843 2.71962 3.06580345227 2.93719334173379750 312212364248 417725 388328 431014 4.78459 436349 488711 10.69932 1283918 15.40702 114843 16 117258 126899 137279 148451 160471 1.73399 1.87298202237 2.18287 235526 17 118430 128802 1.40024 1.52162 165285 1.79468 194790211338 2.29202 2.48480 18 1.19615 1.30734 142825 1.55966 1.703431 .85749 2.02582 220848 2.40662 262147 19 1.20811 1.32695 145681 1.59865 1.75351 192250 2.1068 2.30786 2.52095 2.76565 20122019 134686 14859516186280011 1 95979219112241121 265330 2.91776 2.54035 2.95216 347594 397031 459197 531089 6.13039 2.692773.15682 3.70002432763505447 5.89509 6.36604 2854343379933.996024717125.55992 6.543557.68997 3.02560 361653 4315705.14166 0.11591726334 861276 3.20714 386968 466096 560141 672250 306231 964629 22.18611 26.62333 31 944800 38 33760 21 1.23239 1.36706 151567 107958 1.86029 2.05943 2.27877 2.52024 2.78596 3.078233.39956 4140565.03383 610881 740025 8.94917 10.80385 46.00512 25 1.28243 145095 1.64061185394 2.09378 236324 266584 3.00543 338635 3.81339 429187542743 684848 862308 1083471 13.58546 17.000069539622 301 .34785 1.5630 181136 2.09757 242726 2.80679 3.24340 3.74532 4.32194 4.983955.74349761226 10.06266 1326768 17.449402289230 299599223737631 40 145386 181402 2.208042.6850 3.26204 3.95926480102581636 703999 851331 10.28572 1497446 21.72452 3140912 45.25926 65.0008793.05097146977160 ABLE 2 Present Value of $1 V (1+ $1 f 1.0% 1.5% 2.0% 6,0% 70% 8.0% 0.0% 0.0% 11.0% 12.0% 20.0% 1 099010 098522 098039 097561 238 094787 0.94340 0.93458 0.92593 0.91743 0.90909090090 0.89286 0.83333 2 0.98030 0.97066 0.96117 095181 0.94260 089845 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.69444 3 097059 0.95632 094232 092860 091514 0.90194 0.88900 0.86384 085161 0.83962 0.81630 0.79383 0.77218 0.75131 0.73119 0.71178 0.57870 0.96098 0.94218 0.92385 0.90595 0.88849 0.87144 085450 0.83856 0.82270 0.8072 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.48225 $ 0.95147 0.92826 0.90573 088385 0.86261 0.84197 082193 080245 0.78353 0.76513 0.74726 071299 0.68058 0.64993 0.62092 0.59345 0.56743 0.40188 6 0.94205 0.91454 0.88797 0.86230 0.83748 0.81350 0.79031 0.76790 0.74622 0.72525 0.70496 0.60634 0.63017 0.59627 0.56447 0.53464 0.50663 0.33490 7 093272 0.90103 0.87056 0.84127 0.81309 0.78599 0.75992 0.73483 0.71068 068744 0.66506 0.62275 0.58349 054703 0.51316 0.48166 0.45235 0.27908 8 0.92348 0.88771 0.85349 0.82075 0.78941 0.75941 0.73069 0.70319 067684 0.65160 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.23257 9 0.91434 0.87459 0.83676 0.80073 0.76642 0.73373 0.70259 0.67290 064461 0.61763 0.59190 0.54393 0.50025 0.46043 042410 0.39092 0.36061 0.19381 10 0.90529 0.86167 0.82035 0.78120 0.74409 0.70892 0.67556 0.61393 0.61391 0.58543 055839 050835 0.46319 0.42241 0.38554 0.35218 0.32197 0.16151 110.89632 0.84893 0.50426 0.76214 0.72242 0.68495 0.64958 0.61630 0.58468 0.55491 0.53679 0.47509 0.42888 0.38753 0.35049 031728 0.28748 0.13459 12 0.58745 0.83639 0.78849 0.74356 0.70138 066178 0.62460 0.58966 0.55654052598 0.49697 0.44401039711 0.35553 0.31863 0.28584 0.25668 0.11216 13 0.87566 0.13403 0.77303 0.72542 068095 0.63940000057 0.56427 0.53032 0.49856 046884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.09346 14 0.16996 0.31185 0.75788 0.70773 0.66112 0.61778 057748 0.53997 0.50507 047257 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.07789 15 036135 0.79985 0.74301 0.69047 0.04186 0.59089 055526 0.51672 048102 044793 0.41727 0.36245 031524 0.27454 0.23939 0.20900 0.18270 0.06491 16 0.85282 0.75803 0.72845 0.67362 0.62317 0.57671 0.53391 0.49447 045811 0.43458 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.05409 12 094438 0.77639 0.71416 065720 000502 055720 0.51337 0.47318 0.43630 0.40245 037136 031657 0.27027 0.23107 0.19754 0.16963 0.14564 0.04507 18 083002 0.76191 070016 064112 0.58739 0.53836 049363 045280 041552 038147 0.35034 0.29586 0.25025 0.21199 0.17986 015282 0.13004 003756 0.82724 0.75361 0 68643 062553 0.57029 0.52016 047464 043330 039573 0.36158 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.03130 20 0.1954 0.74247 067291 061027 0.35368 0.50257 0.45639 041464 0.37689 034273 0.31180 0.25842 0.21455 0.17543 0.14864 0.12403 0.10367 0.02608 21 0.81143 0.73150 0.65078 0.59539 0.53785 0.48557 0.43883 0.39679 0.35894 0.33486 0.29416 0.24151 0.19866 0.16370 0.13513 0.11174 0.09356 0.02174 24 078757 0.69954 0.62172055288 0.49193 0.43796 0.39012 0.34770 031007 0.27666 0.24698 0.19715 0.15770 0.12640 0.10153 0.08170 0.06588 0.01258 25 0.77977 0.68921 0.60953053939 0.47761 042315 0.37512 0.33273 0.29530 0.47761 0.42315 0.37512 0.33273 0.29530 0.36223 0.23300 0.18425 0.14602 0.262 011597 0.09230 0.07361 0.05882 0.01048 28 075634 0.65910 0.57437 050088 0.43708 0.38165 033348 0.29157 0.35509 022332 0.19563 0.15040 0.11591 0.08955 0.06934 005382 0.04187 0.00607 29074934 0.64936 0.56311 0.48866 0:43435 0.36875 0.32065 0.27902024295 0.21168 0.18456 0.14056 0.10733 0.08215 0.06304 004849 0.03738 0.00506 30 0.74192 0.63976 0.55207 0.47674 0.41199 0.35638 0.30832 0.36700 0.33138 0.10064 0.17411 0.13137 0.09938 0.07537 0.05731 0.04368 0.03338 0.00421 31 0.73458 063031 054125 046511 0.39999 0.34423 0.29646 0.25550 0.22036 0.19018 0.16425 012277 0.09202 0.06915 0.05210 003935 0.02980 0.00351 40 0.67165055126 0.45289 037243 0.30656 0.25257 0.208290.17193 0.14305 0.11746 0.09722 0.06678 0.04603 0.03184 0.02209 0.01538 0.01075 0.00068 ABLE 3 Future Value of an ordinary Annuity of $1 FVA - (1+1)"-1 1 1.09 1 .5% 2.096 2.5 3.06 3.56 4,096 4.5% 7,096 8,096 9,0% 100% 11.0% 12.046 20.096 1 10000 10000 10000 10000 10000 20700 20800 2.2000 10000 10000 1.0000 10000 10000 1.0000 10000 10000 10000 201002015020200 2020 20300 20350 20400 20450 20500 30301 30452 3.0604 3.0756 3.0909 3.1062 3.1216 3.1370 31525 40604 40909 41216 41525 41836 4 2149 42465 42782 43101 51010 51523 5.2040 52563 53091 53625 541635470755256 31680 3 4 5 31836 321493.2464 4.4399 4.5001 5.7507 58666 10000 2.0900 3.2781 4.5731 59847 10000 2.1000 3.3100 46410 61051 10000 21100 3.3421 4 7097 62278 10000 21200 33744 4.7793 63528 3.6100 5 1630 7.4416 S 5811 56371 1152 9.9299 129159 6 6.1520 6.2296 6.3081 6.3877 64684 6.5502 66330 6.71696.8019 6.88816 .9753 7 72135 73230 7.4343 75474 76625 7.7794 78983 80192 81420 82689 33938 3 3.7857 84328 8583037361 3892390512 9214291800 9 549197216 98975 9 93685 955939.7546 9.9545 10.1591 10.3685 10.5828 10.8021 11.0266 112563114913 10 10.4622 10.7027 109497 11.2034 114639 117314 12.006112 2882 12.5779 12.8754 13.1808 7.1333 $6540 10 2598 119780 138164 70150 7.5233 7.7156 0110 892289 2004 9.4872 9.7833 10 6166 11 028511435911 8594 12.4876 13.0210 13.5795 14 1640 14.4866 15 1929 159374 16.7220 10.0590 12 2997 14.7757 175487 16 4991 20.7989 259587 11 11.5668 11.8633 12.1687 12.4835 12.8078 13.1420 13.4864 13.8412 12 12.6825 13.0412 13.4121 13.7956 14.1920 14.6020 15.025 15.4640 13 13.8093 142368 14.6803 151404156178 16 1130 166268 17.1599 14 14.9474 154504 159739 16.5190 17.0863 17.6770 18.2919189321 15 16.0969 166821 17.2934 17.9319 18.5989 19.2957 200236 20.7841 14.2068 159171 177130 19.5986 215786 14.5835 163856 182848 20 2926 22.4087 14.9716 15.783616.6455 17.5603 18.5312 19.5614 16.8099 17.8855 18.9771 201407213843 22.7132 188821 201406214953229534245227 262116 21.0151 225505242149 260192279750 30.0949 23.2760 25 1290271321293609317725344054 20.6546 241331 280291 32.3926 37.2797 32.1504 39 5305 484966 59.1959 32 0151 16 17.2579 17.9324 18.630 19.3802 20.1560 20.9710 21.8243 22.7193 17 18.4304 19.2014 200121 208647 217616 22.7050 23.0975 24.7417 18 19.6147 204894 214123223863 234144244997 25 6454 268551 1920 8109 21 7967 228406 239460 25.1169 26.3572 27 671229.0636 20 22.0190 23.1237 24297425 547 26.8704 28.2797 29.7781313714 23.657$ 246411 25.672537888130334333.0034 35.9407 39.1809 42.7533 7.4421 25 8404 269964282129308402 33.7502 56.9737 40.5447 +4.5008 488537 105.9306 281324 29.4812 30.9057 33999037450241301345599250395955.7497 128 1167 30 5390 32 1027 33.7600 37.3790 41.4463 460185 51 1591 56 9395 634397 154 7400 33.0660348683367856 40.9955 45.7620 51.1601 57.2750 64.2028 7205241866880 21 23.2392 24.4705 25.7833 27.1833 28.6765 30.2695 31.969233.7831 35.7193 37.786139.9927 44.8652 50.431956.7645 64.0025 72.2651 51.6987 225.0256 30 347849 37.5387 40.5681 43.9027 47.5754 51.6227 56.084961.0071 66.4388 724355 79.0582944608 113.2832 136,3075 164 4940 19902092413327 1181.8816 40488864 54.2679604020 67.4026 75 4013 84.550395.0255 1070303 120.7998 136 6056 154.7620 199.6351 259.0565 337.8824 42 5926 5818261 767.0914 7343 8578 TABLE 4 Present Value of an Ordinary Annuity of $1 1-10 OVAI xf 10% 1.596 2076 1.59 3.04 3.596 4,096 546 60% 70% 8.0% 0.0% 0.0% 11.04 12.0% 20.06 1 2 0.99010 098522 1.97040 1.95588 294099291220 3.90197 3.85438 4,85343 4.78264 0.98039 0.97561 0.97087 1.94156 1.92742 1.91347 288383285602 282861 3807733.761973.71710 4.71346 4.64583 4.57971 0.96618 0.96154 1.89969 1.83609 2.80164 2.77509 3.67308362990 4.51505 4.45182 4.546 046 095694 095238 187267 135941 2.74896 2.72325 358753354595 438998432948 094787 134632 2.69793 SOSIS 4.27028 0.94340 0.93458 0.92593 0.91743 090909090090 0.89286 083333 1.83339 1.80802 1.78326 1.75911 1.73554 1.71252 1.69005 152778 2.67301 2.62432 2.57710 2.53129 248685 2.44371 2.40183 2.10615 346511 388721331213323972 316987310245 3.03735 258973 4212364.10020 3.99271 3.88965 3.79079 3.69590 3.60478 2.99061 4 $ 6 7 $ 9 10 5.79548 6.72819 7.65168 8.56602 9.47130 5.69719 5.60143 6 59821647199 7.485937.32548 8.36052 816224 9.22218898259 S.S0813 5.41719 6349396 23028 7.170147.01969 7.97087 7.73611 3.75206 8.53020 532855 611454 687396 7.60769 831661 5.24214 600205 6.73274 7.43533 811090 3.15787 5.07549 4.99553 4.91732 4.76654 5.89270 5.78637 5.65297 5.58238 535929 6.595896.46321 633457 6.20979 5.97130 726879 7.10782 695220 6.80169 651523 791272 7.72173753763730009702358 4.62288 5.20637 5.74664 6.24689 6 71008 4.48392 4.35526 4.23054 4.11141 5.03295 4.86842 4.71220 456376 5.53482533493 5.14612 4.96764 5.99525 5.759025.53705 5.32825 6 41766 6.14457 588923 5.65022 3.32551 3.60459 3.83716 4.03097 4.19247 7.13896 7.53608 6.80519 6,49506 6.206525.93770 4.32706 716073 681309 6.49236 619437 443922 11 10.36763 10.07112 9.78685 9.51421 9.252629.00155 8.76048 3.52592 8.306413.09254 7.88687 12 11.25508 10.90751 10 57534 10 25776 9.95400 966333938507911858 886325 61852 338384 13 12.13374 11.73153 11 34837 1098319 10 63496 10 30274 998565 968285 919357 911708 335268 14 13.00370 12.54338 12.10625 11.69091 11.29607 10.92052 10.56312 10.22283 989864 9.589659.29498 15 13.86505 13.34323 12 84926 12.38138 1193794 11 51741 11.11839 10.73955 10.37966 10.03758 9.71225 7.49867 794269 3 5765 8.74547 9.10791 8.24424 855948 7.75615 7.36669 6.981876.62817 461057 8,06069 7,60608 7190876.81086 467547 16 14.71787 14.13126 13.57771 13.05500 12.56110 12.09412 11.65230 11.23402 10.83777 10.46216 10.10590 9.44665 3.85137 8.312567.82371737916 6.97399 4.72956 17 15.562251490765 1429187 13.71320 13.16612 12.65132 12.16567 11.70719 11.27407 10.86461 10.47726 9.763229.12164 8.54363 8.02155 7.54879 7.11963 4.77463 18 16 39827 15.67256 14 99203 14 35336 13.75351 13.18968 12 65930 12.15999 11.68959 11.24607 10.82760 10.059099.371898.75563 8 20141 7.70162 7.249674.81219 19 17 22601 16.42617 15.67846 14.97889 14.32380 13.70984 13 13394 12 59329 12.08532 11.60765 11.15812 1033560 9.60360 895011 836492 783929 736578 484350 2018.04555 17.16864 16.35143 15 58916 1487747 14.21240 13.59033 13.00794 12.46221 11.95038 11.46992 10.59401 981815 9.12855 851356 796333 7.46944 4.86958 21 18.85698 17.90014 17.01121 16.18455 15.41502 14.69797 14.02916 13.40472 12.82115 12.27524 11.76408 10.83553 10.01680 9.29224 8.64869 3.07507 7.56200 4.89132 25 22.02316 20.71961 19.52346 18.42438 17.41315 16.48151 15.62208 1482821 14.09394 13.41393 12.78336 11.65358 1067478 9.82258 9.07704 842174 7.84314 4.94759 30 25.80771 24.01584 2239646 20 93029 19.60044 18.39205 17.29203 1628889 15.37245 14.53375 13.76483 12.40904 11.25778' 10.273659.42691 8.693798.05518 497894 403283469 2991588 2735548 25.10278 23.11477 21.3550719.79277 18-40158 17.15909 16.04612 15.04630 13.33171 11.92461 10.75736 9.77905 8.95105 824378 499660 TABLES Future Value of an Annuity Due of $1 VAD (1+1)-1 VAD = *(1+0) 5.5% 60% 1.0350 10600 2.168021836 7,046 10700 2.2149 8.0% 1 OROO 2.2464 20.0% 1 2000 26400 1 2 3 4 5 1.04 10100 20301 3.00 4.1010 5.1520 1.546 2046 2.396 3.04 3.54 4.09 4.5% 5.0% 101 10200 10250 10100 10150 10400 10450 10500 204522060420756 2.0909 2.1052 2.1216 2.1370 21525 3.0909 3.1216 3.15253.1836 3.21493.2465 3.2782 33101 4.15234.2010 4.2563 4.30914.3625 44163447074 5256 52296 53081 5.3877 54634 $ 5502 56330 5.7169 53019 0.046 10.0% 10900 11000 2.2781 23100 3.5731 6410 4.9847 5.1051 6.52336.7156 11.0% 12.0% 1100 11200 2.342123744 3.7097 3.7793 5.2278 5.3528 6.912971152 43680 3.3423 3.3746 4.5811 4.6371 3159753 3.4399 47507 61533 3.5061 48666 63359 6.4416 89299 6 6.21356 .323064343 6.5474 6.6625 6.7794 6.89837,019271420 7.24697.3038 7.6540 79228 7 72857 74328 75830 7.7361 78923 80517 82142 83800 85491 8.7216 8.89759 2598 96306 8 8.3685 8.5593 8.7546 89545 9.1591 9.36859.582898021 10.0266 10.2563 10.4913 109780114876 9 9.4622 9.7027 9.9497 10.2034 10.4639 10.7314 11.0061 11.2882 11.5779118754 12.1808 12.8164 13.4866 10 10.5668 108633111687 11.4835 11.8078121420 12.4864 12.841213.2068 13.583513.9716 14.7836 15.6455 8.2004 100285 12.0210 14.1929 165603 8.4873 8.7833 10 4359108594 12.5795 13.1640 14.9374 15.7220 17.5312 18.5614 9.6890 11 2997 13.7757 16.5487 19.6546 11.9159 15.4991 19.7989 249587 311504 15.8699 11 12 13 14 15 11.6825 12 8093 13.9474 15.0969 16.2579 12.0412 12.4121 12.7956 13 2368 13.6803 14.1404 14.4504 14.9739 15.5190 15.6821 16.2934 16.9319 16.9324 17.693 18.3802 13.1920 13.6020 14.0258 146178 15 1130 15.6268 16,0863 16,6770 17.2919 17.5989 18.2957 19.0236 19.1569 19.9710 20.8245 14.4640 16 1599 17.9321 19.7841 21.7193 14.9171 16,7130 18.5986 20.5786 153856 17.2868 19.1926 214087 16.8885 19.1406 21.5505 241 290 26 8881 20.0151 22.2760 24.6725 17.9771 20 4953 23.2149 26 1521 29.324) 19.1407 21.9534 25.0192 28.3609 32.0034 20.3843 23.5227 26,9750 30.7725 34 9497 21.713223.1331 25 2116 27.0291 29.0949 313926 33.4054 362797 38.1899 41.7533 38.5805 47.4966 58.1959 71.0351 86.4421 16 17.4304 18.2014 19.0121 19.8647 20.7616 21.7050 22.697523.7417 24.8404 25.9964 27.2129 29.840232.7502 17 18.6147 19.4594 20.4123 21.3863 224144 23.4997 24.6454 25.8551 271324 28 481229.9057 32.999036.4502 18 19 8109 20.7967 218406 229460 24.1169 25 3572 26.6712280636295390 31.1027 32.760036.3790 40.4463 19210190 22.1237 23 2974 24.5447 258704 27.2797 28.7781 303714 32.0660338683 35.7856 39.9955 447620 20 22.2392 23.470524.7833 26.1833 27.6765 29.2095309692 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