Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i just need help with the ones that are wrong. thanks Each of the four independent situations below describes a sales-type lease in which annual

i just need help with the ones that are wrong. thanks image text in transcribed
Each of the four independent situations below describes a sales-type lease in which annual lease payments of $185,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1 6 9% Situation 2 3 6 7 11% 10% 4 7 12% Lease term (years) Lessor's and lessee's interest rate Residual value: Estimated fair value Guaranteed by lessee $67,000 $9,700 $9,700 $67,000 $77,000 Determine the following amounts at the beginning of the lease (Round your intermediate and final answer to the nearest whole dollar amount.): X Answer is complete but not entirely correct. Situation 2 3 $ 1,177,000 X $ 1.295,000 The lessor's 1. Lease payments 2. Gross investment in the lease 3. Net investment in the lease The lessee's 4. Lease payments 5. Right-of-use asset 6. Lease payable $ 1.110,000 1,110,000 904,585 1,304,700 1,177,000 904,562 1,372,000 1,439,000 1,010,749 995,701 B 1,110,000 904,585 904,585 1,177.000 904,562 904,562 1,295,000 990,723 990,723 1,372,000 X 1,329,831 1,329,831

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Edp Auditing A Primer

Authors: Joseph L. Sardinas

1st Edition

0471123056, 978-0471123057

More Books

Students also viewed these Accounting questions