I JUST NEED PART B!

Problem 21-13 (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and Sheridan Electronics, a lessee, for a computer system. October 1, 2020 6 years 6 years $280,740 $280,000 Commencement date Lease term Economic life of leased equipment Fair value of asset at October 1, 2020 Book value of asset at October 1, 2020 Residual value at end of lease term Lessor's implicit rate Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2020 -0- 10 % 10 % $58,600 The collectibility of the lease payments is probable by the lessor. The asset will revert to the lessor at the end of the lease term. The straight-line depreciation method is used for all equipment. The following amortization schedule has been prepared correctly for use by both the lessor and the lessee in accounting for this lease. The lease is to be accounted for properly as a finance lease by the lessee and as a sales-type lease by the lessor. Lease Payment/Receipt Date 10/01/20 10/01/20 10/01/21 10/01/22 10/01/23 10/01/24 10/01/25 $58,600 58,600 58,600 58,600 58,600 58,600 $351,600 Interest (10%) on Unpaid Reduction of Lease Balance of Lease Liability/Receivable Liability/Receivable Liability/Receivable $280,740 $58,600 222,140 $22,214 36,386 185,754 18,575 40,025 145,729 14,573 44,027 101,702 10,170 48,430 53,272 5,328 53,272 -0- $70,860 $280,740 (a) Your answer is partially correct. Try again. Assuming the lessee's accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to o decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessee's income statement for the year ending September 30, 2021? 22214 5328 46790 T 36386 (2) What items and amounts will appear on the lessee's balance sheet at September 30, 2021? Balance Sheet (Partial) September 30, 2021 Current Liabilities: 58600 | Lease Liability Long-term Liabilities: T 185754 T Lease Liability Non-current Assets: Right-of-Use Asset 233950 (3) What items and amounts will appear on the lessee's income statement for the year ending September 30, 2022? 18575 5328 46790 40025 (4) What items and amounts will appear on the lessee's balance sheet at September 30, 2022? Balance Sheet (Partial) September 30, 2022 Current Liabilities: Lease Liability 58600 Long-term Liabilities: 145729 | Lease Liability Non-current Assets: Right-of-Use Asset 187160 (b) Assuming the lessee's accounting period ends on December 31, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessee's income statement for the year ending December 31, 2020? (2) What items and amounts will appear on the lessee's balance sheet at December 31, 2020? Balance Sheet (Partial) Current Liabilities: Long-term Liabilities: $ Non-current Assets: (3) What items and amounts will appear on the lessee's income statement for the year ending December 31, 2021? - A A (4) What items and amounts will appear on the lessee's balance sheet at December 31, 2021? Balance Sheet (Partial) Current Liabilities: Long-term Liabilities: Non-current Assets: Problem 21-13 (Part Level Submission) The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and Sheridan Electronics, a lessee, for a computer system. October 1, 2020 6 years 6 years $280,740 $280,000 Commencement date Lease term Economic life of leased equipment Fair value of asset at October 1, 2020 Book value of asset at October 1, 2020 Residual value at end of lease term Lessor's implicit rate Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2020 -0- 10 % 10 % $58,600 The collectibility of the lease payments is probable by the lessor. The asset will revert to the lessor at the end of the lease term. The straight-line depreciation method is used for all equipment. The following amortization schedule has been prepared correctly for use by both the lessor and the lessee in accounting for this lease. The lease is to be accounted for properly as a finance lease by the lessee and as a sales-type lease by the lessor. Lease Payment/Receipt Date 10/01/20 10/01/20 10/01/21 10/01/22 10/01/23 10/01/24 10/01/25 $58,600 58,600 58,600 58,600 58,600 58,600 $351,600 Interest (10%) on Unpaid Reduction of Lease Balance of Lease Liability/Receivable Liability/Receivable Liability/Receivable $280,740 $58,600 222,140 $22,214 36,386 185,754 18,575 40,025 145,729 14,573 44,027 101,702 10,170 48,430 53,272 5,328 53,272 -0- $70,860 $280,740 (a) Your answer is partially correct. Try again. Assuming the lessee's accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to o decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessee's income statement for the year ending September 30, 2021? 22214 5328 46790 T 36386 (2) What items and amounts will appear on the lessee's balance sheet at September 30, 2021? Balance Sheet (Partial) September 30, 2021 Current Liabilities: 58600 | Lease Liability Long-term Liabilities: T 185754 T Lease Liability Non-current Assets: Right-of-Use Asset 233950 (3) What items and amounts will appear on the lessee's income statement for the year ending September 30, 2022? 18575 5328 46790 40025 (4) What items and amounts will appear on the lessee's balance sheet at September 30, 2022? Balance Sheet (Partial) September 30, 2022 Current Liabilities: Lease Liability 58600 Long-term Liabilities: 145729 | Lease Liability Non-current Assets: Right-of-Use Asset 187160 (b) Assuming the lessee's accounting period ends on December 31, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessee's income statement for the year ending December 31, 2020? (2) What items and amounts will appear on the lessee's balance sheet at December 31, 2020? Balance Sheet (Partial) Current Liabilities: Long-term Liabilities: $ Non-current Assets: (3) What items and amounts will appear on the lessee's income statement for the year ending December 31, 2021? - A A (4) What items and amounts will appear on the lessee's balance sheet at December 31, 2021? Balance Sheet (Partial) Current Liabilities: Long-term Liabilities: Non-current Assets