In accounting there are times when it is necessary to create worksheets that can be used over, and over again. By having an input screen with well defined labels and instructions others will be able to help you to do some of your work. By taking the time now to create a reusable, cell referenced, Lease Amortization Schedule you will save time later. Requirements: Create a template worksheet for Lease Amortization calculations. In the worksheet include (minimum): An input section with a good set of instructions. Include inputs for: Company name Date of Lease inception and first payment date Present value of asset to be leased (if known) Residual value or Bargain Purchase option to be considered Annual rate of interest Lease in years Payments per year Lease payment amount (if known) Include area for output of: Present value of minimum lease payments (if unknown, think Lessee needing to know amount for right of use asset) Lease payment amount (if unknown, think Lessor desiring to know what to charge) A five column amortization schedule (Date, payment, interest, reduction of carrying value, carrying value) This template must include: Instructions: Labels and formulae. In good form, using Excel, create the required items. The instructions (and input area) may be at the top of the spreadsheet. For a good document: Make your work easily understandable to client and boss, Set the layout and print so the workbook will print as you wish the client to receive the document. Labels on left, Amounts on the right No amount without a label Now that you have created the template, it is time to assess how well the spreadsheet functions by using the information. Try the two homework problems to see if your spreadsheet works. (Connect #6) Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,080 Related Information: Lease term2 years (8 quarterly periods) Quarterly rental payments$15,000 at the beginning of each period Economic life of asset Fair value of asset Implicit interest rate 2 years $112,080 8% (Also lessee's incremental borrowing rate) (Connect #11) On December 31, 2021, Yard Art Landscaping leased a delivery truck from Branch Motors. Branch paid $40,000 for the truck. Its retail value is $45,114. The lease agreement specified annual payments of $11,000 beginning December 31, 2021, the beginning of the lease, and at each December 31 through 2024. Branch Motors' interest rate for determining payments was 10%. At the end of the four-year lease term (December 31, 2025) the truck was expected to be worth $15,000. The estimated useful life of the truck is five years with no salvage value. Both companies use straight-line amortization or depreciation. Be accurate. Good form includes: