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1 22 View Policies Current Attempt in Progress On January 1, 2020, Carla Vista Corp., which uses IFRS, signs a 10-year, non-cancellable lease agreement to lease a specialty lathe from Liu Inc. The following information concerns the lease agreement. 1. The agreement requires equal rental payments of $76,935 beginning on January 1, 2020. 2. The lathe's fair value on January 1, 2020, is $500,000 3. The lathe has an estimated economic life of 12 years, with an unguaranteed residual value of $17,000. Carla Vista Corp. depreciates similar equipment using the straight-line method. 4. The lease is non-renewable. At the termination of the lease, the lathe reverts to the lessor. 5. Carla Vista's incremental borrowing rate is 10% per year. The lessor's implicit rate is not known by Carla Vista Corp. 6. The yearly rental payment includes $2,959.82 of executory costs related to insurance on the lathe. Assume this is a manufacturer/dealer lease. Click here to view the factor table PRESENT VALUE OF 1, Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUEUsing (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability and prepare the initial entry to reflect the signing of the lease agreement. (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, eg. 1.25124 and final answers to 2 decimal places, e.g. 5,275.25.) Date Account Titles and Explanation Debit Credit 1/1/20 List of AccountsPrepare an amortization schedule for the term of the lease to be used by Carla Vista. Use Excel. (Round answers to 2 decimal places, e.g. 5,275.25.) CARLA VISTA CORP. Lease Amortization Schedule (Lessee) Annual Payment Excluding Interest on Reduction Balance Executory Unpaid of Lease of Lease Date Costs Obligation Obligation Obligation S Jan. 1, 2020 Jan. 1, 2021 Jan. 1, 2022 Jan. 1, 2023 Jan. 1, 2024 Jan. 1, 2025\fPrepare the journal entries on Carla Vista Corp's books to record the payments and expenses related to this lease for the year 2020 and 2021 as well as any adjusting journal entries at its fiscal year ends of December 31, 2020 and 2021. Carla Vista does not use reversing entries. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.25) Date Account Titles and Explanation Debit Credit 12/31/20 (To record depreciation expense.) 12/31/20 [To record interest.) 1/1/2114 21/20 (To record interest.) 1/1/21 (To record lease payment.) 12/31/21 (To record depreciation expense.) 12/31/21 (To record interest.) List of AccountsPresent Value of 1 (n) periods 2% 21/2% 3% 4% 5% 6% 7% 8% 9% 10% 1196 12% 15% 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 0.50653 0.43233 0.67056 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 0-50895 0.46319 0.49241 0.38554 0.35218 0.32197 0.24719 11 0.80426 0.76214 0.72242 0.64958 0.58468 0.52679 0.47509 0.42885 0.36753 0.35049 0.31728 0.25748 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 0.18370 0.12269 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 0.41952 0.35094 0.29586 0.25025 0.21199 0.17956 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 0.61037 055368 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 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 FVF-OA _10 1 10% 1.09000 1.00800 1/0000 1:09000 1,00000 1:00009 1.D0900 1.50060 1.00000 1.00600 2-02000 202500 2,03000 2.04000 2.05000 2.05000 2.08090 2.05000 1.09000 2.10000 2 1 1000 2.12000 1.00090 2.15000 3.06040 3.07563 3:09090 3412160 3.15250 3.18360 3.24640 3.27810 3.31000 3.34210 4.12161 4.15252 4.18963 4 24646 431013 4.87462 4.50611 4.57313 4.64100 3.37440 13.47250 4 70973 4.7 7933 4.98338 5.20404 5.25633 5.30914 5.41632 5.52563 5.63709 5.86660 5.98471 6.10510 6.22780 6.35285 6.30812 6.38774 6.46841 616329 6.80191 6.97532 17.23592 7 52834 8.14201 8.39384 9.48717 7.91286 8.11519 7.43428 7.54743 7.66246 7.89829 9.78327 8.75374 8.92280 9.20044 10.08901 1.06 680 8.98297 8.73612 8.69234 9:2142 9.54911 9.89747 10.63663 11.02847 11.43589 9.75463 9.95462 10.15911 10.58280 11.02656 11/49132 12.48756 13.02104 13.57948 14.16397 14.27566 11.85949 12.29960 13.72682 16.78584 10 94972 11.20338 11.46338 12.00611|12.57789 13.18079 14.48656 15 19293 15.93743 16 72201 17.54874 20.30372 12.16872 16.64549 7.5602 19.56143 20:65456 1341209 13.79565 14.19203 15.02581 15.91713 16.86994 18.93713 20.14072 21.38428 22 71319 24.13513 24.34928 29.00167 1033 15.14044 15.61779 16.62684 17.71298 18 88214 21.49530 22.95339 24.52271 26.21164 26 0291 1 34.35192 15.97394 16.51895 17.08632 18 29191 19.59863 21.01507 24.21492|26.01919 27.97498 30.09492 32 39250 40.50471 17.29342 17.93193 18.59891 20.02359 21.57856 23.27597 27.15211 29.36092 34 40536 32 27972 47.58041 21.82453 3 21.76159 23.69751 23.65749 25.67253 30.32428 33,00340 35.94973 39:18995 42 75328 25.84037 28 21289 39 75023 36.97371 40.54470 44 50084 28 88367 69.07509 85 23.41444 25.64541 28.13238 30.90565 37 45024 41.30134 45.59917 50.39593 55.74972 75.83656 23.94601 25.11687 27.67123 30.53900 33.75999 41.48626 46.01846 51 15909 56.95949 63.43968 83 21181 29 7 7808 8 33.06595 36.78559 57 27500 64.20285 72 05244|102 44358 28.86286 30.53678 34 24797 39.992 38.50521 43.39229 64.00250 72.26514 81.69574 36-61789 41.43048 46 99585 62.87334 71,40275 81.21431|92.50258 137.63164 3 60.89530 69.53194 79.54302 91-14788 104.60289 159.27538 30 42186 32.54904 34 42647 39.08260 44.50200 50.81558 46.76476 75.78981|8 32.03030 34.15776 36.45926 41.64591 47.72710 4.86451 88 49753 102-17415 1 18 15524 185.16784 038: 153.33387 1212.79802 36.01171 38.55904 44 31174 51.11345 59.15638 35 34432 37 91200 40.70963 47.08421 54.56913 63.705/7 37 05121 39.85990 42.93092 49 96758 58.40258 68 5281 1 9513 102.72314 38 79223 41.85630 45.21885 52.96629 62.32271 73.63980 103 26554 12.96822 2106984 143.07864 169.37401 285.56477 81729 190 69689 327 10408 214 58275 377 16965 32834 7 84 BOL 44 22793 48.15028 52150276 62 90 68978 45.17157 50.45402 56.07 784 06.20983 8 134 214 29261 48 08380 52 61289 57 73018 69 85 97.34316 145.95062 58.62667 842 42945 644 66554 84 52098 765 36535 1 66350 51.99 54 03425 59 73395 66.L 1454 62 22730 64 58.21724 54 78298 72 23421 60 4 Table A.4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1Table A.4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 PVF-0A _ _(1+0 3% -98039 -97561 97087 196154 195238 194340 .92593 91743 .90909 90090 .89286 .8695 1.94156 1.92742 1.91347 1.88609 1.85941 1.83339 1.78326 1.75911 1.73560 1.71252 1.69005 1.62571 2.68388 2.85602 2.82861 2.77509 2.72325 2.67301 2.57710 2.53130 2.48685 2.44371 2.40183 2.28323 3.90773 3.76197 3.71710 3.62990 3.54595 3.46511 3.31213 3.23972 3.16986 3.10245 3.03735 2.8548 4.71346 4.64583 4.57971 4.45182 4.32948 4.21236 3.99271 3.88965 3.79079 3.69690 3.60478 3.36215 5.60143 5.50613 5.41719 5.24214 15.07569 4.91732 4,62288 4,48592 4.35525 4.23054 4:11141 6.47199 6.34939 6.23028 6:00205 5.78637 5.58238 5.20637 5.03295 4.06842 4.71220 4.58376 5.16042 7.32548 7.17014 7.01969 6.73274 6.46321 6.20979 5.74664 5.53482 5.33493 5.14612 4.96764 4.48732 8.16224 7.97087 7.78611 7.43533 7.10782 6.80169 6.24689 5.99525 5.75902 5.53705 5.32825 4.77158 8.98259 8.75206 8.53020 8:11090 7.72173 7.36009 6 71008 6.41765 6.14457 5.88923 5.65022 5.01877 9.78685 9.51421 9.25262 876048 8.30641 7,88687 10.57534 10.25776 9.95400 9 38507 8.86325 7.13896 6.80519 6.49506 6 20652 5.93770 5.23371 B.38384 7.53608 7.16073 6.81369 6.49235 6.19437 542062 11.34837 10.98919 10.63496 9.98565 19.39357 12.10525 11.69091 11.29507 10.56312 9.89854 8.85268 7.90378 7.48590 7.10836 6.74987 6.42365 5.56915 9.29498 8.24424 7.78615 7.36569 6.98187 6.62817 5,72448 12.84926 12.38138 11.93794 11.11839 10.37966 9.71225 8.55948 8.06069 7.60603 7.19087 6.81086 5.84737 13.57771 13/09500 12.56110 11.65230 10.837/7 10.10599 8.85137 8.31256 7 82371 7.37916 6.57393 5.95424 14,29187 13.71220 13.16512 12.16567 11.27407 10.47726 9.12164 8.54363 8.02155 7.54879 7.1:963 6.04716 14.99203 14.35836 13.75351 12.65930 11.68959 10.82750 9.37189 8.75563 8.20141 7.70162 7.24967 6.12797 15.67846 14.97889 14.32380 13.13394 12.08532 11.15812 9.60360 8.95012 8.36492 7.83929 7.36578 6:19423 16:35143 15.58916 14.87747 13 59033 12:46221 11.46992 -9.81815 9.12855 8.51356 7:96333 /46954 6.25933 17.01121 16.18455 15.41502 14.02916 12.82115 11.76408 10.01689 9.29224 8.64869 8.07507 7:56200 6.3124 17:65805 16.76541 15.93692 14.45112 13:16800 12.04158 10.20074 9.44243 8.77158 8.17574 7.64465 6.35866 18.29220 17.33211 16.44361 14.85684 13.48857 12.203 38 10.3/106 9.58021 8.88322 6.26643 7 71843 6.39464 18.91393 17.88499 16.93564 15 24696 13.79854 12.55036 10.52876 9.70561 8.98474 8.24814 7.76432 4 19.52346 18.42438 17.41316 15.62208 14.09394 12.78334 10.67478 9.82258 9.07704 8.42174 20.12104 18:95061 17.87684 15.98277 14.37519 13.00317 -10.80398 9.926 20 70590 19.46801 18.32703 16.32959 14.64303 13.21058 10,93516 10 02658 9.23722 8.45; 9.16095 21 28127 19.96489 18.76411 16.66306 14.89813 13.40616 11.05108 10.11613 9.30657 8.6016 8 20 45955 19.18845 16 98371 15.14107 13.59072 11 15841 10 19828 9.35961 8.65011 20.93029 19.60044 17.29203 15.37245 13.76453 11.25778 10.27 19.42691 22.93770 21.39541 20.00043 17.58849 15.59281 13.92909 10.34280 9.4790 23.46833 21.84918 20.38877 17.87355 15 80268 14 08404 11.43500|10:406245 4 9.52638 25.56856 22 19168 20.76579 18 14765 16.09255 14.23023 11 51389 10 46442 24.49859 22 72379121.13184 1841120 16.19290 14.36814 11.58693 10.51784/ 9.60854 24.09862 23 14516 21,48722 18 66461 16.37419 14 49825 11 65457 10.56582 98 25.48884 23.56625 21.83225 18 90828 36.54685 14 62099 11 71/19 (90945 23.95732 22.16724 19 14258 16.71:29 14.73678 11.77518 10.65299 26.44064 24 34860 22.40246 19.36786 16.86789 14.84602 11:82887 10.69062 26 90259 24:73034 22:80822 19 56446 17 01704 14.94907 11 87956 10.72582. 2735346 25 10278 2314/ 19 792/7 17 15909 15.04630 11 98461 10 757 Table A.5 PRESENT VALUE OF AN ANNUITY DUE OF 125.48084 23.58625 21.83225 18.90828 16.54685 14.62099 11.71719 10.51176 9.67651 25.96945 23.95732 22.16724 19.14258 16.71129 14.73678 11.77518 10.65299 9.70592 8.20751 6.62882 26.44064 24.34860 22.49246 19.96786 16.86789 14.84602 11.82887 10.69082 9.73265 8.91859 8.22099 6.63375 39 26.90250 24.73034 22.80822 19.58448 17:01704 14.94907 11.87858 10.72552 9.75697 8.93567 8:23903 6.63805 25.10278 23.11477 19.79277 17.15909 15.04630 11.92461 10.75736 6 9.77905 8.95105 824378 6.64178 Table A.5 PRESENT VALUE OF AN ANNUITY DUE OF 1 PVP-AD - 1. (46 periods 1.00000 1.00600 1 00000 1.00000 1.DOOD0 60800 1.09000 1.90000 1.00000 1.50900 1.GO000 1.98039 1.97561 1.97087 1.95154 1.95238 1.94340 1.92593 1.91743 1.90909 1,90090| 1089286 1.86957 2.92742 2 91347 2.88609 2.85941 2.83839 2.78326 2.75911 2 73654 271252 2 69006 2.62571 3 88388 3.85602 3.82861 3.77509 3 72325 3.67301 3.57710 3.53130 3 48685 344371 3.40183 3.28323 4.80773 4:76197 | 4:71710 4.62990 4.54595 4.46511 4.91213 4.23972 4-16986 410245 4:03735 3.85458 6 5.71346 5 64583 5.57971 545182 5.32948 6.60143 641719 5.21236 5.91732 4.99271 6.50813 .88965 4 29079 4.69590 4.60478 4.35216 6.24214 6.07569 7 23028 5.62286 5.35526 5.23054 5.11141|4.78448 7.47199 7.34939 5.48592 8.17014 8.01959 7.00205 6.78637 6 58238 6.20687 6.03295 5.86842 5.71220 5.56376 5.16042 7.73274 7.46321 9.16224 897087 878611 8.43633 8.10782 7 20979 6.74664 6.53482 5193493 6.14612 5.96764 5.48732 10 7.80169 7.24689 6.99525 6.75902 6.53705 6.32825 5.77158 9.98259 9.75206 9 53020 9.11090 8.72173 10.78685 10.51421 10.25262 8.36009 17-71008 7.41765 9.76048 9.50541 8 84687 7.14457 6.88923 6.65022 6.01877 12 9.13896 7:80512 7 49506 7.20552 6.93770 6.29371 13 11:57534 11.25776 10.95400 10.38507 9.86325 9 28304 12.34837 11.98319 11.63496 10.98565 10.39357 9 85268 8.53608 8 16073 7.81369 7.49226 7.19437 6.42062 13 10525 12.69091 12.29607 8.90378 8.48620 8 10336 7.74987 7 42355 6.58315 11.56312 10.89864 10 29498 3 24424 8 78615 9.36669 7.98187 7.62617 6.72448 13.84926 13.38138 12.93794 12.11839 11.37965 10.71225 9.55948 9.06069 14.57771 14.05500 13.56110 12.65230 11.83777 11:10590|985137 9.31256 18 40608 8. 19087 781086 6.64737 15.29187 14.71220 14:16612 13.16567 12.27407 1147726 10.12164 9.54363 8.82371 8.37916 7.97399 6.95424 15.95203 15 35336 14 75351 13.65930 12.68959 11.82760 10.37189 9.75963 9.02155 8.54879 8.11963 7.04716 9.20141 8.70162 8.24947 7:12797 16.67846 15.97889 15.32340 14.13894 13:08532 12 15812 10.60360 9.95012 9.36492 8.83929 8.36578 719823 15 87747 14 59033 13.46221 210.81815 10 12855 18.01121 17.18455 1641502 15.02916 13.82115 12 76408 1101680 10.29234 9 51356 8.96353 6 46944 17.25935 18 65905 17 76541 16.93692 15.45112 14,16300 130 3.64269 907507 856200 17 31246 19.29220 18 38211 17 44361 1585684 14 48857 13 30838 1 1 20074 10.44243 9.77154 9.17574 860466 7.35866 19:91393 18 88439 17 93554 16 24696 14 79864 13 55036 11:52876 10 11 37106 10.58021 9.48322 9.26543 871843 7.39 10.70661 9 98474 9 54814 8 78432 7.43377 20.52346 19.42498 18 41315 26 62208 15.09394 1: 21.12104 19:95061 18.87684 16.98277 15.37519 14 00317|11 80996 10 82258 10 07204 19.42178 864316 746415 10.92897 10:16095 9:42306 4 29566 7.49056 21 70690 20.4640: 19.32703 /17.32959 15.64303 14 21053 11.93518 18:02658 10 23722 9.54780 8:94255 7 51553 22:28127 20.96480 09 76411 17 66305 15.85813 14 40616 12 05106 22 84438 21 45855 20 18645 17 59571 16.:4107| 14 59072 12.19841 10:1613 10 80657 0.60162 8 98442: 16-3 7 53351 23.39646 21 93028 20.50044 18 29203 16.37245 14 76485 32 23 03770 22 305:1: 121 09043 18 58849 16.59281 14 92909 12 34980 610 8269) 9.69379 905518 7 56595 24 46853 1 22.84918 20 1867/ 18 8792 16 80268 15 08404 1 34260 194501 24.96856 23.29188 21 26579 10 18765 17 09258 15 28025 145484 1056545 9.60954 9 13535 7.60045 12 58693 1060858 5082932 9 15656 1 20 14254 12 74129. 15 73978 25 34860 -23 49246 -20 86786 17 86789 15:6:502