Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I have this operating lease for shop equipment, It ended last year but I need to clear out balances how do I do that? It
I have this operating lease for shop equipment, It ended last year but I need to clear out balances how do I do that? It was full term lease, the lease just expired and now the balances need to be cleared, so what would those journal entries look like?
Office Equipment Lease Year 2 Balance $10,750.00 Rate 5.158% Term 3 years Payment $3,765.00 (given) Net Amortization of ROU Asset # of Pymt Payment Principal Interest Asset Year 2 adjustments Year 3 adjustments $0 1 Year 2: begin 2 Year 2: end 3 Year 3 $3,765 $3,765 $3,765 $3,765 $3,405 $3,580 Balance $10,750 $6,985 $3,580 ($0) $360 $185 $3,405 $3,580 $0 $7,345 $3,765 $3,765
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started