Lesed Assets Kean and songned a four year lease for fort on lauary 1, 2017. A part of $1.42.netwo, to be made my December 31, loning with December 2017 PV of Antity of 1 Required: Refer to the table above for present value factors 1. Assume that the lente is treated as an operating lase a. Will the value of the forklift appear on offman's blance sheet? 1. What account will indicate that lease payments have been made 2. Assume that these is treated as a capital tease or financeine a. Identity and analyze the effect when the lease is signed. Activity Accounts Statement(s) How does this entry affect the accounting equation? i financial statement om is not affected, select "No Entry and have the amount box and the effect on a financial statemente negative, a decrease, be sure to enter the air with an Round answers to the nearest whole dollar How does this entry affect the accurang equation? of financial statement is not affected, select "No Entry and leave the amount box blank the offect on a financement om i veca, te sure to enter with Hound answers to the nearest while dollar Balance Sheet Income Statement Assets Leased Asset Stockholders Equity Liabilities Lease Obligation Revenues 4,362 x Ne Entry No try plain why the value of the leased asset is not recorded at $5.372 (1.33 4) The tened out should be reported at the present value of neements which nota 1. Identify and analyze the effect of the first lease payment on December 31, 2017 Activity Operating and Financing Accounts Cash Decreme, Lease Obligation Decresse, Interest Expense Increase Statements Balance Sheet and Income Statement SO WE Identify and analyze the transaction by uting to following steps 1. Determine activity - prating Investing or finances. Prevo rest in ons eerste for too lary 1, 2017 payment of 8.30 donate to be made every December 31, teng with December 1 2017 of Anuity of Required: Refer to the table above for present factors 1. A that the case is treated as an englese .. We the value the How does this tect the counting in wanancial tem not affected. Mlect 'No Entry and the box bank of the effect on catenent met de beter the with us Rudents that we Balance sheet Incealment Assets Le Lease Obligation Stackholders Equity Revenues Expenses Led As 4.653 Ne Entry No Entry 0 why the value of the ed asset is not recorded at 5.372 (51.43 X 4). These should be reported at the present value the payment which is 1,343 X ROM 5.37 ow does this entry affect the accounting equation? a financial statement tam is not affected, select "No Entry and leave the amount box blank. If the effect on a branca statement item is negative, aderente, te wete with autor pund answers to the nearest whole da Balance Sheet Income Statement Assets Liabilities Lease Obligation Stockholders Equity -279 Net Encon Revenues Cash -1,343 1,064 No Entry Interest Expense 20 27 My W Comed Calculate the amount of depreciation expense for the year 2017. Round answer to the nearest whole della 1,164 At what amount would the lease obligation be presented on the balance sheetlas of December 31, 2017 Round answers to the rest whole dolar. urrent ability portion 3,525 x 1,128 ang-term aty portion