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Current Attempt in Progress The following facts pertain to a non - cancelable lease agreement between Pharoah Leasing and Shamrock Group, a lessee ( amounts
Current Attempt in Progress
The following facts pertain to a noncancelable lease agreement between Pharoah Leasing and Shamrock Group, a lessee amounts in thousands
Commencement date
May
Annual lease payment due at the beginning of each year, beginning with May
:
:
Bargain purchase option price at end of lease term
Lease term
years
Economic life of leased equipment
years
Lessor's cost
Fair value of asset at May
Lessor's implicit rate
Lessee's incremental borrowing rate
The collectibility of the lease payments by Pharoah is probable.
Click here to view factor tables.
For calculation purposes, use decimal places as displayed in the factor table provided.
a
Prepare a lease amortization schedule for Shamrock for the year lease term. Round answers to decimal places, eg
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