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please answer all 4 parts ! Problem 10-11AC Accounting for finance lease LO C3 [The following information applies to the questions displayed below.] On January
please answer all 4 parts !
Problem 10-11AC Accounting for finance lease LO C3 [The following information applies to the questions displayed below.] On January 1, Rogers (lessee) signs a three-year lease for machinery that is accounted for as a finance lease. The lease requires three $21,048 lease payments (the first at the beginning of the lease and the remaining two at December 31 of Year 1 and Year 2). The present value of the three annual lease payments is $59,800, using a 5.700% interest rate. The lease payment schedule follows. Prepare the January 1 journal entry at the start of the lease to record any asset or liability. Journal entry worksheet Record the journal entry for any asset or liability at the start of the lease. Note: Enter debits before credits. 2. Prepare the January 1 journal entry to record the first $21,048 cash lease payment. Journal entry worksheet Record the first lease payment on January 1. Note: Enter debits before credits. 3. Prepare the December 31 journal entry to record straight-line amortization with zero salvage value at the end of (a) Year 1 , (b) Year 2 , and (c) Year 3. Journal entry worksheet Record amartization of right-of use osset at December 31 of the first yean. Pousel tautri oetats tuefore crecsits. 4. Prepare the December 31 journal entry to record the $21,048 cash lease payment at the end of (a) Year 1 and (b) Year 2 . Journal entry worksheet 2 Record lease payment on December 31 of the first year. Notei Enter ofbits befose-credits Step by Step Solution
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