I Future value of $1 Future Value of $1 18% 20% 22% 24% 25% FV = (1 + 1)" Periods 3% 3% 4 4% 5% 6% 7% 8% 8% 10% 12% 14% 16% 1 1.0300 1.0400 1.0500 1.0600 1.0700 1.0800 1.1000 1.1200 1.1400 1.1600 2 1.0609 1.0816 1.1025 1.1236 1.1449 1.1664 1.2100 1.2544 1.2996 1.3456 3 1.0927 1.1249 1.1576 1.1910 1.2250 1.2597 1.3310 1.4049 1.4815 1.5609 4 1.1255 1.1699 1.2155 1.2625 1.3108 1.3605 1.4641 1.5735 1.6890 1.8106 5 5 1.1593 1.2167 1.2763 1.3382 1.4026 1.4693 1.6105 1.7623 1.9254 2.1003 6 1.1941 1.2653 1.3401 1.4185 1.5007 1.5869 1.7716 1.9738 2.1950 2.4364 7 7 1.2299 1.3159 1.4071 1.5036 1.6058 1.7138 1.9487 2.2107 2.5023 2.8262 8 8 1.2668 1.3686 1.4775 1.5938 1.7182 1.8509 2.1436 2.4760 2.8526 3.2784 9 1.3048 1.4233 1.5513 1.6895 1.8385 1.9990 2.3579 2.7731 3.2519 3.8030 10 1.3439 1.4802 1.6289 1.7908 1.9672 2.1589 2.5937 3.1058 3.7072 4.4114 11 1.3842 1.5395 1.7103 1.8983 2.1049 2.3316 2.8531 3.4785 4.2262 5.1173 1.4258 1.6010 1.7959 2.0122 2.2522 2.5182 3.1384 3.8960 4.8179 5.9360 13 1.4685 1.6651 1.8856 2.1329 2.4098 2.7196 3.4523 4.3635 5.4924 6.8858 14 1.5126 1.7317 1.9799 2.2609 2.5785 2.9372 3.7975 4.8871 6.2613 7.9875 15 1.5580 1.8009 2.0789 2.3966 2.7590 3.1722 4.1772 5.4736 7.1379 9.2655 16 1.6047 1.8730 2.1829 2.5404 2.9522 3.4259 4.5950 6.1304 8.1372 10.7480 17 1.6528 1.9479 2.2920 2.6928 3.1588 3.7000 5.0545 6.8660 6.8660 9.2765 12.4677 18 1.7024 2.0258 2.4066 2.8543 3.3799 3.9960 5.5599 7.6900 10.5752 14.4625 1 7525 2106 25.70 2.0256 26165 12167 6 1150 06120120557 16 7765 1.1800 1.3924 1.6430 1.9388 2.2878 2.6996 3.1855 3.7589 4.4355 5.2338 6.1759 7.2876 8.5994 10.1472 11.9737 14.1290 16.6722 19.6733 2144 1.2000 1.4400 1.7280 2.0736 2.4883 2.9860 3.5832 4.2998 5.1598 6.1917 7.4301 8.9161 10.6993 12.8392 15.4070 18.4884 22.1861 26.6233 21 000 1.2200 1.4884 1.8158 2.2153 2.7027 3.2973 4.0227 4.9077 5.9874 7.3046 8.9117 10.8722 13.2641 16.1822 19.7423 24.0856 29.3844 35.8490 42 7250 1.2400 1.5376 1.9066 2.3642 2.9316 3.6352 4.5077 5.5895 6.9310 8.5944 10.6571 13.2148 16.3863 20.3191 25.1956 31.2426 38.7408 48.0386 50 5670 1.2500 1.5625 1.9531 2.4414 3.0518 3.8147 4.7684 5.9605 7.4506 9.3132 11.6415 14.5519 18.1899 22.7374 28.4217 35.5271 44.4089 55.5112 60 2000 12 Print Done Present value of $1 Present Value of $1 PV = 1 (1 + 1)" Periods 3% 4% 5% % 14% % 16% 18% 20% 22% 24% 25% 1 2 3 4 5 6 6 7 8 9 9 10 11 12 13 14 15 16 17 18 19 .9709 .9615 .9426 .9246 .9151 .8890 .8885 .8548 .8626 .8219 .8375 .7903 .8131 .7599 .7894 .7307 .7664 .7026 .7441 .6756 .7224 .6496 .7014 .6246 .6810 .6006 .6611 .5775 .6419 .5553 .6232 .5339 .6050 .5874 .4936 .5703 ,4746 % 6% 6 7% 7% 8% 10% % 12% .9524 .9434 .9346 .9259 .9091 .8929 .9070 .8900 .8734 .8573 .8264 .7972 .8638 .8396 .8163 .7938 .7513 .7118 .8227 .7921 .7629 .7350 .6830 .6355 .7835 .7473 .7130 .6806 .6209 .5674 .7462 .7050 .6663 .6302 .5645 .5066 .7107 .6651 .6227 .5835 5132 4523 .6768 .6274 .5820 .5403 .4665 .4039 .6446 .5919 .5439 .5002 .4241 3606 .6139 .5584 .5083 .4632 .3855 .3220 .5847 .5268 .4289 .3505 .2875 .5568 .4970 .4440 .3971 .3186 2567 .5303 .4688 .4150 .3677 .2292 .5051 .4423 .3878 .3405 .2633 2046 .4810 .4173 .3624 3152 .2394 .1827 .4581 .3936 .3387 .2919 .2176 .1631 .4363 .3714 .3166 .2703 .1978 .1456 .4155 .3503 2959 2502 .1799 . 1300 .3957 3305 2765 2317 1635 .1161 .8772 .7695 .6750 .5921 .5194 .4556 .3996 .3506 .3075 .2697 .2366 2076 .1821 .1597 . 1401 .1229 .1078 .0946 .0829 .8621 .8475 .7432 .7182 .6407 .6086 .5523 .5158 4761 .4371 .4104 .3704 .3538 .3139 .3050 .2660 .2630 .2255 .2267 .1911 .1954 . 1619 .1685 .1372 .1452 . 1163 .1252 .0985 . 1079 .0835 .0930 .0708 .0802 .0600 .0691 .0508 .0596.0431 .8333 .6944 .5787 .4823 .4019 .3349 .2791 .2326 .1938 .1615 .8197 .8065 .8000 .6719 .6504 .6400 .5507 .5245 .5120 .4514 .4230 .4096 .3700 .3411 .3277 .3033 .2751 .2621 .2486 .2218 .2097 .2038 .1789 .1678 . 1670 .1443 .1342 .1369 .1164 .1074 .1122 .0938 .0859 .0920 .0757 .0687 .0754 .0610 .0550 .0618 .0492 .0440 .0507 .0397 .0352 .0415 .0320 .0281 .0340 .0258 .0225 .0279.0208 .0180 .0229 .0168 .0144 ,4751 . 1346 2897 .1122 .0935 .0779 .0649 .0541 .0451 .0376 .0313 .5134 Print Done Present value of ordinary annuity of $1 Present Value of Ordinary Annuity of 51 Pva - 11 - Periods 7% 1 2 2 3 4 5 5 6 7 7 8 9 10 11 12 13 14 15 16 17 18 19 1 PVA- (1 + 1) " 3% 3 4% 5% % 6% 6 7 8% 10% 12% 14% 16% 18% 20% 22% 24% 25% .9709 .9615 .9524 .9434 .9346 .9259 .9091 .8929 .8772 .8621 .8475 .8333 .8197 .8065 8000 1.9135 1.8861 1.8594 1.8334 1.8080 1.7833 1.7355 1.6901 1.6467 1.6052 1.5656 1.5278 1.4915 1.4568 1.4400 2.8286 2.7751 2.7232 2.6730 2.6243 2.5771 2.4869 2.4018 2.3216 2.2459 2.1743 2.1065 2.1065 2.0422 1.9813 1.9520 3.7171 3.6299 3.5460 3.4651 3.3872 3.3121 3.1699 3.0373 2.9137 2.7982 2.6901 2.5887 2.4936 2.4043 2.3616 4.5797 4.4518 4.3295 4.2124 4.1002 3.9927 3.7908 3.6048 3.4331 3.2743 3.1272 2.9906 2.8636 2.7454 2.6893 5.4172 5.2421 5.0757 4.9173 4.7665 4.6229 4.3553 4.1114 3.8887 3.6847 3.4976 3.3255 3.1669 3.0205 2.9514 6.2303 6.0021 5.7864 5.5824 5.3893 5.2064 4.8684 4.5638 4.2883 4.0386 3.8115 3.6046 3.4155 3.2423 3.1611 7.0197 6.7327 6.4632 6.2098 5.9713 5.7466 5.3349 4.9676 4.6389 4.3436 4.0776 3.8372 3.6193 3.4212 3.3289 7.7861 7.4353 7.1078 6.8017 6.5152 6.2469 5.7590 5.3282 4.9464 4.6065 4.3030 4.0310 3.7863 3.5655 3.4631 8.5302 8.1109 7.7217 7.3601 7.0236 6.7101 6.1446 5.6502 5.2161 4.8332 4,4941 4.1925 3.9232 3.6819 3.5705 9.2526 8.7605 8.3064 7.8869 7.4987 7.1390 6.4951 5.9377 5.4527 5.0286 4.6560 4.3271 4.0354 3.7757 3.6564 9.9540 9.3851 8.8633 8.3838 7.9427 7.5361 6.8137 6.1944 5.6603 5.1971 4.7932 4.4392 4.1274 3.8514 3.7251 10.6350 9.9856 9.3936 8.8527 8.3577 7.9038 7.1034 6.4235 5.8424 6.4235 5.8424 5.3423 4.9095 4.9095 4.5327 4.2028 3.9124 3.7801 11.2961 10.5631 9.8986 9.2950 8.7455 8.2442 7.3677 6.6282 6.0021 5.4675 5.0081 4.6106 4.2646 3.9616 3.8241 11.9379 11.1184 10.3797 9.7122 9.1079 8.5595 7.6061 6.8109 6.1422 5.5755 5.0916 4.6755 4.3152 4.0013 3.8593 12.5611 11.6523 10.8378 10.1059 9.4466 8.8514 7.8237 6.9740 6.2651 5.6685 5.1624 4.7296 4.3567 4.0333 3.8874 13.1661 12.1657 11.2741 10.4773 9.7632 9.1216 8.0216 7.1196 6.3729 6.3729 5.7487 5.7487 5.2223 4.7746 4.3908 4.0591 3.9099 13.7535 12.6593 11.6896 10.8276 10.0591 9.3719 8.2014 7.2497 6.4674 5.8178 5.2732 4.8122 4.4187 4.0799 3.9279 14.3238 13.1339 12.0853 11.1581 10.3356 9.6036 8.3649 7.3658 6.5504 5.8775 5.3162 4.8435 4.4415 4.0967 3.9424 Print Done On December 31, 20X0, the McDonald Building Maintenance Services acquired cleaning equipment on a capital lease for three annual lease payments of $50,000 each on December 31, 20X1, 20x2, and 20X3. The Implicit Interest rate was 6% compounded annually. (Click the icon to view the Future Value of $1 table.) (Click the icon to view the Present Value of $1 table.) (Click the icon to view the Present Value of Ordinary Annuity of $1 table.) Requirements 1. Compute the present value of the capital lease. 2. Prepare journal entries at the inception of the lease on December 31, 20x0, and for each of the 3 years. Distinguish between the short and long-term classifications of the lease liability Requirement 1. Compute the present value of the capital lease. (Round your answer to the nearest whole dollar.) The present value of the capital lease is $- Requirement 2. Prepare journal entries at the inception of the lease on December 31, 2oxo, and for each of the 3 years. Distinguish between the short and long-term classifications of the lease liability. (Round your answers to the nearest whole dollar. Record debits first, then credits. Explanations are not required.) Begin by preparing the schedule of lease payments for each of the 3 years. (For amounts with a $0 balance, make sure to enter "o" in the appropriate cell.) (2) (3) (4) (5) End of Lease Liability at Beginning of Year Interest Expense per Year Cash for Capital Lease Payment (3) - (2) Reduction in Lease Liability Lease Liability at End of Year Year 20x0 20X1 20X2 20X3