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Please answer if you are 100% sure Thumbs UP for right answer Please DO MIND the number of blanks for the journal Entries ! There
Please answer if you are 100% sure Thumbs UP for right answer
Please DO MIND the number of blanks for the journal Entries ! There are 5 journal entries
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Oriole Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Pharoah Inc. The following information concerns the lease agreement. Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) The amount of the right-of-use asset Prepare the initial entry to reflect the signing of the lease agreement. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Prepare an amortization schedule for the term of the lease to be used by Oriole. (Round answers to 0 decimal places, e.g. 5,275 .) ORIOLE CORP. Lease Amortization Schedule (Lessee) $ $ $ 42,552 147,447 42,552 8,847 33,705 113,742 42,552 6,825 35,727 78,015 42,552 4,681 37,871 40,144 42,552 2,408 40,144 0 Prepare the journal entries on Oriole Corp.'s books to record the payments related to this lease for the years 2023 and 2024 as well as any adjusting journal entries at its fiscal year ends of December 31, 2023 and 2024. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) (To record interest) (To record depreciation) (To record interest)Step by Step Solution
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