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c. Provide all journal entries relating to the lease for LLX Corporation for 2020-2022. Note: Round answers to the nearest whole dollar. Note: Record net

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c. Provide all journal entries relating to the lease for LLX Corporation for 2020-2022. Note: Round answers to the nearest whole dollar. Note: Record net rounding differences in amortizing the right-of-use asset in the final year of the lease. Note: List multiple debits or credits (when applicable) in alphabetical order. Account Name Dr. Cr. Date Jan. 1. 2020 0 0 0 0 To record initial direct cost Jan 1, 2020 4 0 Initial Direct Cost OOO 0 e 0 To record asset and liability related to lease Jan 1, 2020 0 0 0 0 To record lease payment Dec 31, 2020 0 OO 0 To record interest Dec 31, 2020 0 0 0 0 To record amortization Jan 1, 2021 OO OO To record lease payment Dec 31, 2021 0 0 To record interest Dec 31, 2021 0 0 To recordamortization Jan. 1. 2022 To record lease Rayment Dec 31, 2022 0 (1) 0 0 o To record amortization Check Journal Entries: Implicit Interest Rate Known Lease Analysis 0 d. Determine the following amounts (or classification) assuming that LLX Corporation was not aware of the implicit rate of the lease? Assume that LLX Corporation's borrowing rate for debt with similar terms would be 9%. 1. Lease payment $ 2. Lease classification 3. Initial value of the right-of-use-asset 5 4. Initial value of the lease liability $ e. How would your answers change to (a) and (b) if the lease agreement included a 3-year service contract to provide maintenance on the machine as needed? The annual cost of $3,600 will be paid by LLX Corporation at the time fixed lease payments are due. 0 0 Check

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