I dont see that in my intermediate accounting text I saved from college, you grumble to a colleague in the accounting division of Dowell Chemical Corporation. This will take some research. Your comments pertain to the appropriate accounting treatment of a proposed sublease of warehouses Dowell has used for product storage. Dowell leased the warehouses one year ago on December 31. The five-year lease agreement called for Dowell to make quarterly lease payments of $2,398,303, payable each December 31, March 31, June 30, and September 30, with the first payment at the leases beginning. As a finance lease, Dowell had recorded the right-of-use asset and liability at $40 million, the present value of the lease payments at 8%. Dowell records amortization on a straight-line basis at the end of each fiscal year. Today, Danielle Andries, Dowells controller, explained a proposal to sublease the underused warehouses to American Tankers, Inc., for the remaining four years of the lease term. American Tankers would be substituted as lessee under the original lease agreement. As the new lessee, it would become the primary obligor under the agreement, and Dowell would not be secondarily liable for fulfilling the obligations under the lease agreement. Check on how we would need to account for this and get back to me, she had said. Required: 1. After the first full year under the warehouse lease, what is the balance in Dowells lease liability? 2. After the first full year under the warehouse lease, what is the carrying amount (after accumulated amortization) of Dowells leased warehouses? 3. Obtain the relevant authoritative literature on accounting for derecognition of finance leases by lessees using the FASBs Codification Research System. You might gain access from the FASB website (www.fasb.org), from your school library, or some other source. To determine the appropriate accounting treatment for the proposed sublease, what is the specific seven-digit Codification citation (XXX-XX-XX) that Dowell would rely on to determine: a. if the proposal will qualify as a termination of a finance lease, and b. the appropriate accounting treatment for the sublease? 4. What, if any, journal entry would Dowell record in connection with the sublease?

I need help with the formulas to use in excel.

9:41 000 will 87% Instructions for creati...ortization schedule - Read-only Read Only - You can't save changes to this file. Create an amortization Schedule using the follow format: File Amortization schedul Research case 15-1 - Excel Home Insert Page Layout Formulir Data Review View Tell me what you Calibri I A A ===> General . 1 BIU.B. 2 A ===EE . $ % Condition Formatting Font Alignment Number Paste Clipboard 1 Annual interest Rate 8% payments per year amount 40,000,000 20 Points) Use PNT function to calculate payment. First payment will not include interest Payment Balance- Payment Date Payment Principal interest 12/31/00 3/31/01 6/10/01 9/10/01 (25 Points Use cell 12/31/01 references and formulas 3/31/02 ta complete amortization 6/30/02 schedule. Using absolute values might help. 9/30/02 12/31/02 Failure to use cell 3/31/03 references and formulas 6/30/03 to complete this portion 9/30/03 of the worksheet will 17/11/03 result in loss of 25 points. 31/04 6/30/04 9/30/04 12/31/04 3/31/05 6/30/os 9/30/06 To calculate payment go Formulas, Financial, PMT, complete function arguments using cell reference where possible. Fv = 0, Type = 1 (since payment made at the beginning) - number Nper numbes . number 6 Type Calculates the payment for a loan based on constant payments and a constant interest rate Rate is the interest rate per period for the loan. For example, use 6.4 for Quarterly payments at % APR. Formularesult- Help onthatunktion OK 9:41 000 will 87% Instructions for creati...ortization schedule - Read-only Read Only - You can't save changes to this file. Create an amortization Schedule using the follow format: File Amortization schedul Research case 15-1 - Excel Home Insert Page Layout Formulir Data Review View Tell me what you Calibri I A A ===> General . 1 BIU.B. 2 A ===EE . $ % Condition Formatting Font Alignment Number Paste Clipboard 1 Annual interest Rate 8% payments per year amount 40,000,000 20 Points) Use PNT function to calculate payment. First payment will not include interest Payment Balance- Payment Date Payment Principal interest 12/31/00 3/31/01 6/10/01 9/10/01 (25 Points Use cell 12/31/01 references and formulas 3/31/02 ta complete amortization 6/30/02 schedule. Using absolute values might help. 9/30/02 12/31/02 Failure to use cell 3/31/03 references and formulas 6/30/03 to complete this portion 9/30/03 of the worksheet will 17/11/03 result in loss of 25 points. 31/04 6/30/04 9/30/04 12/31/04 3/31/05 6/30/os 9/30/06 To calculate payment go Formulas, Financial, PMT, complete function arguments using cell reference where possible. Fv = 0, Type = 1 (since payment made at the beginning) - number Nper numbes . number 6 Type Calculates the payment for a loan based on constant payments and a constant interest rate Rate is the interest rate per period for the loan. For example, use 6.4 for Quarterly payments at % APR. Formularesult- Help onthatunktion OK