Crane Corporation, which uses ASPE, manufactures replicators. On May 29, 2020, it leased to Sheffield Limited a replicator that cost $265,800 to manufacture and usually sells for $419,000. The lease agreement covers the replicators 6-year useful life and requires six equal annual rentals of $78,167 each, beginning May 29, 2020. The equipment reverts to Crane at the end of the lease, at which time it is expected that the replicator will have a residual value of $45,600, which is not guaranteed by Sheffield, the lessee. An interest rate of 8% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Prepare Cranes May 29, 2020 journal entries. (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 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)
| Date | Account Titles and Explanation | Debit | Credit |
| May 29 | enter an account title to record inception of lease | enter a debit amount | enter a credit amount |
| | enter an account title to record inception of lease | enter a debit amount | enter a credit amount |
| | enter an account title to record inception of lease | enter a debit amount | enter a credit amount |
| | enter an account title to record inception of lease | enter a debit amount | enter a credit amount |
| | enter an account title to record inception of lease | enter a debit amount | enter a credit amount |
| | (To record inception of lease.) | | |
| May 29 | enter an account title to record the Collection of first lease payment | enter a debit amount | enter a credit amount |
| | enter an account title to record the Collection of first lease payment | enter a debit amount | enter a credit amount |
| | (Collection of first lease payment.)    |
MUI Lago SA Present Value of 1 periods 2% 212% 3% 4% 5% 6% 7% 8% 10% 11% 12% 15% 1 0.98039 0.97561 0.97087 0.96156 0.95238 0.94340 0.93458 0.92593 0.91743 0.90909 0.90090 0.89286 0.86957 2 0.96117 0.95181 0.94260 0.92456 0.90703 0.89000 0.87344 0.85734 0.84168 0.82645 0.81162 0.79719 0.75614 3 0.94232 0.92860 0.91514 0.88900 0.86384 0.83962 0.81630 0.79383 0.77218 0.75132 0.73119 0.71178 0.65752 4 0.92385 0.90595 0.88849 0.85480 0.82270 0.79209 0.76290 0.73503 0.70843 0.68301 0.65873 0.63552 0.57175 5 0.90583 0.88385 0.86261 0.82193 0.78353 0.74726 0.71299 0.68058 0.64993 0.62092 0.59345 0.56743 0.49718 6 0.88797 0.86230 0.83748 0.79031 0.74622 0.70496 0.66634 0.63017 0.59627 0.56447 0.53464 0.50663 0.43233 7 0.87056 0.84127 0.81309 0.75992 0.71068 0.66506 0.62275 0.58349 0.54703 0.51316 0.48166 0.45235 0.37594 8 0.85349 0.82075 0.78941 0.73069 0.67684 0.62741 0.58201 0.54027 0.50187 0.46651 0.43393 0.40388 0.32690 9 0.83676 0.80073 0.76642 0.70259 0.64461 0.59190 0.54393 0.50025 0.46043 0.42410 0.39092 0.36061 0.28426 10 0.82035 0.78120 0.74409 0.67556 0.61391 0.55839 0,50835 0.46319 0.42241 0.38554 0.35218 0.32197 0.24719 11 0.80426 0.76214 0.72242 0.64958 0.58468 0.52679 0.47509 0.42888 0.38753 0.35049 0.31728 0.28748 0.21494 12 0.78849 0.74356 0.70138 0.62460 0.55684 0.49697 0.44401 0.39711 0.35554 0.31863 0.28584 0.25668 0.18691 13 0.77303 0.72542 0.68095 0.60057 0.53032 0.46884 0.41496 0.36770 0.32618 0.28966 0.25751 0.22917 0.16253 14 0.75788 0.70773 0.66112 0.57748 0.50507 0.44230 0.38782 0.34046 0.29925 0.26333 0.23199 0.20462 0.14133 15 0.74301 0.69047 0.64186 0.55526 0.48102 0.41727 0.36245 0.31524 0.27454 0.23939 0.20900 0.18270 0.12289 16 0.72845 0.67362 0.62317 0.53391 0.45811 0.39365 0.33873 0.29189 0.25187 0.21763 0.18829 0.16312 0.10687 17 0.71416 0,65720 0.60502 0.51337 0.43630 0.37136 0.31657 0.27027 0.23107 0.19785 0.16963 0.14564 0.09293 18 0.70016 0.64117 0.58739 0.49363 0.4192 0.35034 0.29586 0.25025 0.21199 0.17986 0.15282 0.13004 0.08081 19 0.68643 0.62553 0.57029 0.47464 0-39573 0.33051 0.27651 0.23171 0.19449 0.16351 0.13768 0.11611 0.07027 20 0.67297 0.61027 0.55368 0.45639 0.37689 0.31180 0.25842 0.21455 0.17843 0.14864 0.12403 0.10367 0.06110 al Calculators values can also be calculated using financial calculators. A financial calculator will perform the same calculation as a basic calculator, but it requires fewer steps a ut. Basically, with a financial calculator, you input the future value, the discount rate, and the number of periods, and then tell it to calculate the present value. ation 3.10 shows the required inputs for a present value calculation using a financial calculator. Table A.3 FUTURE VALUE OF AN ORDINARY ANNUITY OF 1 (+-1 FVF-04- tho Parlos 243 2423 3 4% X 6% 8% 9 10% 12 15 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.000000 202000 2.02500 2.03000 2.04000 2.05000 205000 2.08000 2.09000 210000 211000 2.12000 2.19000 3.05040 3.07563 3.09090 3.12160 37.152503.18260 324640 3.27810 331000 394210 3.37440 347250 4.12161 4.15252 4.18363 4.24646 4.31013 4.37462 4.50611 4.57313 16.100 4.70973 4.22933 4.99338 5 204045,25633 5.30914 5.41632 BAR 5.52563 5.63709 5,86660 5.98471 6.10510 6.22780 695285 116.74238 6 6.30812 6.38774 6.45841 6.62298 6.80191 6.97532 7:33592 7.52334 7.71651 2.91286 8.11519 8075374 7.43428 54743 7786246 898:29 814201 8.39384 8.92280 9120044 9.48717 9.78327 10.08901 11.06680 8 8.58297 8.73612 8.89234 9.21423 9.54911 9.89747 10,63663 11.02847 1143589 11 85943 12 29969 13.72682 9 9.75463 9.95452 10.15911 10.58280 11.02656 11.49132 12.48756 13.02104 13.57948 14.16397 14.77566 16.78584 910 10.94972 11.20338 11.46338 12.00611 12.57789 13.18079 14.48656 15. 19293 15.93743 16.72201 171 54874 20.30372 11 12.16872 12.48347 12.80780 13.48635 14.20579 14.92164 16,64549 17.56079 18.53112 19.56149 70 6458 24.84928 12 13.41209 13.79555 14.19203 15.02581 15.91713 16 85994 18.92718 20.14072 21.38428 2271319 24.13213 29.00167 13 14.68033 15.14044 15.61779 1662684 1731298 18.88214 21.49530 22.95339 21 152271 26 22164 28.02911 34,35192 114 15.9739 16:51895 17.08632 18.29191 19,59863210150724 21492 25.01919 27 97498 30.09492 33 39260 40,50471 15 17.29342 17.93193 18.59891 20.02359 21.57456 232759727,15211 29.36092 21.2724334.40536 37.27972 142158041 1618.63929 19.38022 20 15688 21.82453 23 65749 25 67253 30.32428 33 00340 35 94973 39 18995 12 75328 55.71247 20.01207 20.86473 21.26159 23 69751 25 84037 28 21784 33.75073 35 97371 40 54480 44 50084 488936765 07509 1821-41231 2235635 23,41444 25 54541 28.13238 3090565 57.45024 41.3013445.59917 50:39593 5674972 25.43136 19 22.84056 23 94601 25.11687 27.67123 30.53900 33.75999 41.44626 46.01846 51 15909 56.93949 63.4896a B18 21181 20 24.29737 25 54466 26 87037 29.77808 33,06595 36.78559 45.76195 $116012 57 27500 64.2023 22.05244 Tor 44358 22 25.78332 27. 16327 28.67649 31 96920 35.71925 39.99273 50.42282 BG6453 GA 00250 12.26514 8169824118.81012 22 27 29898 28.86286 30 53678 34 24797 38.50521 43.39229 55,45676 62 8733471 40275 8121431 92 50258 137163164 732884496 30 58443 32 45288 36.61789 4143041 46 1995445 60 8933d, tb3194 29,04302. SI 14788 104.6029 18.2.7 24 30,42186 3:2 54904 34.42642 39,08260 44.50200 SD 81554 6676426 17678981 98.49702 102 17415 118 15522194.16384 25 3203030 34.16276 36.45926 41 64591 47 72710 54 86451 73.1959447009198 34706 114 41331 132 13387 212.19302 263367091 36 01121 38 55904 4431174 51,11345 58.15634 79.95-442 394 199 18177 127 998 71 150 24521192 35.34432 37.91200 40.70963 47.08421 54 66913 63.70527MYOPART4 12109994 14307854 169.37401 22:55 37.05121 39.85920 42.93092 49.96258 58 40258 68 52811 95 38883 112.968.22 134 20994 159 81729 1901698892710408 29.38.29223 41 8660 45 21885 52 96629 62 82271 2963980 103 965422535 14863033321925T 16969 30 40.56808 43.902.7 47.57542 5608494 66 4388 019 113 PLZ 22754164 49407299 22242424515 31 12 37948 46 ODOR7 50.00268 59 32834 70760790168123 34587 140 62 BL 4343 221 9131729261 000 956971 4472703148. 13028 58 500176 02 701472752939 BARZALEA PLESA02699 RON 42 304 84 140.1115) 5035402 5507784 66,20953 20 06372416 245.95062 129.80022552922 242 644 66653 18.63380 52.61289 57 73018 69.8579.B5.06696 od 18526 58 62567 196 98254 245.42670 306 8320 8620961765.3653E. 49 99148.592825046204 7355722 90 329343478 172 31680 205 2106 2102437 358 e 30 2016 51994375X 63.229942598958365 E27 18210211235 1247390101484669 54.03425159.23396 66.2472 81 RON 62814127 26812 203 2032 258 37 008949820996749753 1149462278061500021 2022 26.040 604 205 206 be724 78298 224910950 539 OSOBA 64 6040196 6025575402220992542697 55652 TB 4G bac 2093 129 0900 39 20 Table 1.4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Table A.4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 (1+1) PVP-01.. 4.71346 ng periods 29 20% 3x 4% 5% 6% 8% 9% 10% 11% 12% 15% 198039 97561 97087 96154 95238 94340 92593 91743 1.90909 90090 89286 88957 1.94156 1.92742 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 173550 1.71252 1.69005 1.62571 2.88388 2.85602 2.82861 2.72509 2.72325 2.67301 2.52710 2.53130 2.48685 2:44371 2.40183 2.28323 3.80773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.0373 2.85498 4.64583 4.57971 4.46182 4.32948 4.21236 3.99271 3.88965 3.79079 3.69590 3.60478 3.35216 5,60143 5,50813 5.41719 5.24214 5,07569 4.91732 4.62288 4.48592 A.35626 4.23054 4.11141 3.78448 2 6.47199 6.34939 6.23028 6.00205 5.78637 5.58238 5.20637 5,03295 4.86842 4.71220 4.56376 0.16042 7.32548 7.17014 7,01969 6.73274 6.46321 6.20979 5.74664 5.53482 5.33493 5.14612 4.96764 4.48732 98.16224 7.97087 7.78611 7.43533 7.10782 6.80169 6.24689 5.99525 5.75902 5.53705 5.3282577158 10 8.98259 8.75206 8.53020 8.11090 3.72173 7.36009 6.71008 6,41766 6.14457 5.88923 5.65022 5.01877 11 9.78685 9.51421 9.25262 8.76048 8.30641 7.88687 7.13896 6.80519 6.49506 6.20652 5.93770 5.23371 12 10.57534 10.25776 9.95400 938507 8.86325 8.38384 7.5360B 7.16073 6.81369 6.49236 6. 19487 5.42062 13 11.34837 10.98319 10,63496 9.98565 9.393578.85268 7.90378 7.48590 7.10336 6.749876.42355 5.58315 14 12.10525 11.69091 11.29607 10.56312 9.89864 9.29498 8.24424 7.78615 2.36669 6.98187 6.62817 5.72448 15 12.84926 12.38139 11.93794 11.11839 10.37966 9.71225 8.55948 8.06059 7.60608 7 19087 6.8 1086 5.84737 16 13.57771 13.05500 12.56110 11.65230 10.83777 10.10590 885137 8.31256 7.82371 7.37916 6,97999 5.95424 17 14.29187 13.71220 13.16612 12-16567 11:27407 10,42726 9.12164 8.54363 8.62155 754579 7.11963 6.04716 18 14.99203 14.35336 13.75351 12.65930 11 68959 10.82760 9.32189 8.75563 8.2014 7.70162 7.24967 6,12797 15 15.67846 14.97889 14.32380 13.13394 12,08532 11.15812 9,60360 8.95012 8.36492 783929236578 6.19823 20 16.35143 1558916 14.87747 13.59033 12.46221 11.46992. 9,81815 9.12855 8 51356 7.96333 7469445.25933 2 17.0112116. 18455 15,41502 14.02916 12.82115 11.76408 10.01680 9.29224 8.64869 8.07507 7.56200 631246 22 17.65805 16.76541 15.93692 14.45112 13.16800 12.04158 10.200749.44243 8.77154 B.17574 764465 6135866 23 18.29220 17 33211 16.44361 14.85684 13.48857 12.30338 10.37106 9.580218.89332 8 266431813 6.39884 18.9139317.88499 16.93554 15 24696 13.29864 12.55036 10.52876 9.70661 8.98474 B34814 7.18432 6.49272 25 19.5234618.42438 17.41315 15.62208 14.09394 12.78336 10.67478 9.82258 9.077048.42174 7.84314 6.46415 26. 20.12104 18.95061 17.87684 15.98277 14.37519 13,00312 10.80998 9.92897 9.16095 848806 289566 6.49056 22 20.70590 19.46.00 18.32703 16.32959 14.64303 13.21053 10.93516 10.02658 9.29722 8.457807.94.255 51353 28 21.28127 19.96489 18.76411 16.66306 14.89813 13.40616 11:05106 10.11613 930657 B.60162 794 6.5385 21.84 38 20.45955 19.18845 16.98374 15.14107 13.59072 1115841 10. 19828 936961 B.65011 8.02181 6,55088 30 2239646 20.9302919.60044 17 29203 15.37245 13.76483 11.25778 10.22265 9 42591 8.69979900318 6.56598 SELEN 31 22.93770 21.39541 20.00043 17.58849 15.59281 13.92909 11.34980 10.34280947901 8.93315 8 0349957911 32 23.46833 21.84918 20,38877 17.87355 15 B0268 14 08404 11:43500 10.40624 9152638 8.7686711155 6.69068 23.98456 22 291882076579 19.14765 16.00255 14.23073 1151389 10.46444 9.56943 00423935 604 34 24494592222379 21.13184 18.41120 16 19290 14 36814 11 58693 10.51764 9.6293215056 6.60910 24.99862 2314516 21 48722 18.66161 16.37419 1449825 11 65457 10.566B2964416 8.855212050661661 25.48884 2355625216825 18.90828 16.64685 14.62099 1171719 10.61126 9.626566214 25.96945 23.95732 22,16724 19 14258 16.7112914.73678 1177518 10.95299920592 62 62882 26.4406423486022 49246 19.46786 16.56789 14.84602 11.82882 10 69082 9.7265 891859 8122099 6687 26.3025 24.73034 22 80422 19 58448 17 01704 14.94907 1966 10.1856769 8996823306 30 25.1027811331471 19 1922 1215909 15.04630 11 92461 107736 90 12437 4.64 373 Table A.5 PRESENT VALUE OF AN ANNUITY DUE OFI 36 37 38 39 40 25.48884 23.55625 21.63225 18.9082. 16.14683 14.62099 1191719. 10.61176 9.67651 b... 6.19241 6.62514 25.96945 22195732 22.16724 19.14258 16.71129 14.73578 11.77518 10.66299 9.70592 8.89963B120751 6.62882 26.44064 24.34860 22.49246 19.36786 16.86789 14.84602 11.82887 19,69082 9.78265 8.91859 8122099 6.63375 26,90259 24,73034 22.80822 19.58448 17.01704 14.94907 11.87858 10.72552 9.75697 8.935678123303 6,63805 27.85548 25.10278 23.01477 19.79277 17.15909 15.04630 11.92461 10.75736 9.77905 8.95105 8.24378 6.64178 Table A.5 PRESENT VALUE OF AN ANNUITY DUE OF1 (LD) PVF-D-11 ch) periods 2% 2012 39 4 5% 1 1.00000 12 1.98039 2 2.94156 4 3.88388 54.80773 1.00000 1.97551 2.92742 3.85602 4.76197 1.00000 1.97087 2.91347 3.82861 4.71710 1.00000 1.96154 2.88609 3.77509 4.62990 1.00000 1 95238 2.85941 3.72325 4.54595 6% 8% 9 1098 TIX 12% 15% 1.00000 1.00000 1100000 1.00000 100000 1.00000 0.00000 1.94340 1.92592 1.91743 1.90909 190090 1.89285 1.86957 2.83339 2.78326 2.76911 2.73554 2.71252 2.69005 2.62571 3.67301 3,57710 3.53130 3.48685 3.44371 3.40183 3.28323 4.46511 4.312134.23972 4.16986 . 10245 409735 385498 4.79079 4.69590 4.60478 4,35216 5.35526 5.23054 $111141, 4.78448 5.858425.71220 5.56326 5.16042 8.23493 6.146123.967645.49732 6.75902 6.53705 6.32825 5.72158 6. 5.713465164583 5.57971 545182 5122948 6.21236 4.99271 4.88965 6.60143 6.50813 6.41719 6.242146.07569 5.91732 5.62288 5.48592 7.47199 2.349393723028 7.002056.7863 6.58238 6.20637 6.03295 9 8.325488.17014 8.01969 7.73272 7.46921 120979 6.74664 6,53482 10 9.162248.97087 8.78611 8.435338.10782 7 80169 7.24689 6.99525 RE 119.982599.752069 53020 9.110908.72173 836009 771008 741766 12 10.78685 1051421 10:252629.76048 9.30541 89.9687 21.1389 7.80519 13 11.57534 11.2577610.95400 10.38507 9.863259.38384 8.5360B 8.16023 16 12.34837 11.98319 11.63496 10.98565 10.39357 9186268 8.90378 8.48690 15 13.10525 12.69091 12 29607 11.56312 10.8986401284498 924424 8.28615 214457 6.88923 6,65022 6,01877 749506 7205526.98770 6.23371 781369 249236.7.194376.42062 8:10336 7749877.42355 6.58315 93666998187 7 62817 6.72448 16 13.84926 13.38138 12.93794 12,11639 11 37966 10.71225 19.53948 9.060 LOGO8 8.19087_81085 3.84737 14577711405500 13.56110 12.65230 11.83727110690 9.851379.312566 8237.8.37916 2.97299 6.95424 1813 15.29187 14 7122014 16612 13.16567_12224070147726 10 12164 9.543639.62155 8.51879 8. 11963 7014716 19 1915.99203 15.35336 -14-75351 13,65930 12.689991827601031899.25563 9.20141 8.20162 8.249167.129 120 168284515.978991532260-1413394 13 0853212.18812 T060360 9.95012 9.3649281.81929 3.3657871982 123,67898 21 17.3514316058916 15.8774714,59033 1346221 12.46992 101 81815 10.12855 22 18.0712 171845516.41502 15.02916 13.821261276409 1101690 10.29224 18.6580517.26541 16.93692 15.4511R 14.16300.13184154 11 2007410.44243 24 19.29220 18.33211 17:44361 15 85684 14.488523303381182106 10.58021 25 19.91893 18 8849917.93554 16 24696 14.7981841355036 11.52876 10.70661 19.51356 896333 669 8.46725933 19.648699030266200331246 9.2154 9.17574 B644652-35866. 9.88322 9,26643 8718439884 51584749.34814 878432 43372 26 28 28 29 BD 2057346 19142438 1841315, 1662204 15.09394 1378394 11.6747B 10821002704 942174 884314246415 21.1210419.9500118 87694 16.98227 15 37519 14 00317 11.80996 10192897 10.16095 | 94180629566 749056 21.70690 20,46401 | 19.32703 17.129515,64308 14 2105311198518 11.02658 10 23724780 9347808.94255 751853 22 28127 0,964 19.26410 17.5630 15.8.2014 406162105106101310306579.60162 8.58442 268351 127 8443 214585208845197 16:41 142 158419 1982 255084 31 132 CE 23.39646 21:93029 20.60084 B 29209 16.37245 2764831225778127365 10.2690119.693.799.0551826.65981 23.93770224956 213 18.58849 | 16,3978190909123980 420 CLA2389 2442284918 RAHBTT B763676841243900 10:24 09053 24.98866 2312918847682991476517002551821221389 46444 990049.13535600 25 A885923.7237922 181849.4112017719290215.96014 1258691 11 sursa 06993319115656 35 36 25.99862 24 14516: 22 472 419 25 4962 1264 SOLA169.61661 26.48RA24.6252921960824 125465 15 62099 15.62099RROSO 97 19:34 26.959452695232 26424212129521 TOKO IB999 20251 2025 ORSR 77440625.34860 2:49.2020367 817 87546312836908 91992076327 2902273034 AH MOH 93622303 89 20
