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Exercise 21A-4 a-d Assume that on December 31, 2016, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $67,399 beginning on December 31, 2016 2. The fair value of the building on December 31, 2016 is $492,833. 3 The building has an estimated economic life of 12 years, a guaranteed residual value of $9,500, and an expected residual value of $6,200. Kimberly Clark depreciates smlar buildings on the straight-line method The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. Kimberly-Clarks incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. 4. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is partially correct. Try again. Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2016, 2017, and 2018. Kimberly- Clark's fiscal year-end is December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Round answers to 0 decimal places e.g. 5,275.) Account Titles and Explanation Debit Credit Date 12/31/16 Right-of-Use Asset 492,833 Lease Liability To record the lease) Lease Liability 492,833 67,399 67,399 Cash (To record first lease payment) 12/31/17 Amortization Expense 67,399 67,399 Lease Liability 67,399 are (To record first lease payment) 12/31/17 Amortization Expense 67,399 67,399 Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability 67,399 67,399 Interest Expense 67,399 are (To record interest expense) 12/31/18 Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability Interest Expense 67,399 Cash To record first lease payment) 12/31/17 Amortization Expense 67,399 67,399 To record amortization of the right-of-use asset) 67,399 Lease Liability 67,399 Interest Expense 67,399 Cash (To record interest expense) 12/31/18 Amortization Expense Right-of-Use Asset To record amortization of the right-of-use asset) Lease Liability Interest Expense 67,399 Cash To record interest expense) Your answer is incorrect. Try again. Suppose the same facts as above, except that Kimberly-Clark incurred legal fees resulting from the execution of the lease of $5,000, and received a lease incentive from Sheffield to enter the lease of $1,000 How would the initial measurement of the lease liability and right-of-use asset be affected under this situation? Right-of-use asset 492,833 Your answer is incorrect. Try again Suppose that in addition to the $67,399 annual rental payments, Kimberly-Clark is also required to pay $5,000 for insurance costs each year on the building directly to the lessor, Sheffield Storage. How would this executory cost affect the initial measurement of the lease liability and right-of-use asset? (Round answer to O decimal places, e.g. 5,275) Lease liability 492,833 SHOW LIST OF ACCOUNTS Exercise 21A-4 a-d Assume that on December 31, 2016, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $67,399 beginning on December 31, 2016 2. The fair value of the building on December 31, 2016 is $492,833. 3 The building has an estimated economic life of 12 years, a guaranteed residual value of $9,500, and an expected residual value of $6,200. Kimberly Clark depreciates smlar buildings on the straight-line method The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. Kimberly-Clarks incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. 4. Click here to view the factor table. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Your answer is partially correct. Try again. Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2016, 2017, and 2018. Kimberly- Clark's fiscal year-end is December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually, Round answers to 0 decimal places e.g. 5,275.) Account Titles and Explanation Debit Credit Date 12/31/16 Right-of-Use Asset 492,833 Lease Liability To record the lease) Lease Liability 492,833 67,399 67,399 Cash (To record first lease payment) 12/31/17 Amortization Expense 67,399 67,399 Lease Liability 67,399 are (To record first lease payment) 12/31/17 Amortization Expense 67,399 67,399 Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability 67,399 67,399 Interest Expense 67,399 are (To record interest expense) 12/31/18 Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) Lease Liability Interest Expense 67,399 Cash To record first lease payment) 12/31/17 Amortization Expense 67,399 67,399 To record amortization of the right-of-use asset) 67,399 Lease Liability 67,399 Interest Expense 67,399 Cash (To record interest expense) 12/31/18 Amortization Expense Right-of-Use Asset To record amortization of the right-of-use asset) Lease Liability Interest Expense 67,399 Cash To record interest expense) Your answer is incorrect. Try again. Suppose the same facts as above, except that Kimberly-Clark incurred legal fees resulting from the execution of the lease of $5,000, and received a lease incentive from Sheffield to enter the lease of $1,000 How would the initial measurement of the lease liability and right-of-use asset be affected under this situation? Right-of-use asset 492,833 Your answer is incorrect. Try again Suppose that in addition to the $67,399 annual rental payments, Kimberly-Clark is also required to pay $5,000 for insurance costs each year on the building directly to the lessor, Sheffield Storage. How would this executory cost affect the initial measurement of the lease liability and right-of-use asset? (Round answer to O decimal places, e.g. 5,275) Lease liability 492,833 SHOW LIST OF ACCOUNTS