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Prepare a table summarizing the lease receipts and interest revenue earned by the lessor for this sales-type lease. Additional Instructions Score: 72/117 LAMPLIGHTER COMPANY Lease Payments Received and Interest Revenue Earned Summary 2016 2023 Interest Revenue Lease Payment Unearned Reduction of Net at 14% on Net Date Lease Receivable Net Investment Interest: Leases Received Investment Investment $276,000.00 $120,545.17 $155,454.83 January 1, 2016 2 $32,000.00 3 December 31,2016 $21,763.68 $10,236.32 21,764.00 145,218.51 4December 31, 2017 20,330.59 32,000.00 11.669.41 133,549.10 5 December 31,2018 13,303.13 120,245.97 32,000.00 18,696.87 32,000.00 6 December 31,2019 16,834.44 15,165.56 105,080.41 December 31, 2020 32,000.00 14,711.26 17,288.74 87,791.67 7 68,082.50 December 31, 2021 32,000.00 12,290.83 19,709.17 8 32,000.00 22,468.45 45,614.05 December 31, 2022 9,531.55 9 10 December 31,2023 6,386.00 25,614.00 20,000.00 32,000.00 InstrucioNs Lamplighter Company, the lessor, agrees to lease equipment to Tilson Company, the lessee, beginning January 1, 2016. The lease terms, provisions, and related events are as follows: The lease is noncancelable and has a term of 8 years. The annual rentals are $32,000, payable at the end of each year. Tilson agrees to pay all executory costs. The interest rate implicit in the lease is 14% The cost of the equipment to the lessor is $110,000. The lessor incurs no material initial direct costs. The collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. The lessor estimates that the fair value at the end of the lease term will be $20,000 and that the economic life of the equipment is 9 years. Required: 1 Calculate the selling price implied by the lease and prepare a table summarizing the lease receipts and interest revenue earned by the lessor for this sales-type lease. 2. Next Level State why this is a sales-type lease. Prepare journal entries for Lamplighter for the years 2016, 2017, and 2019 3. 4. Prepare partial balance sheets for Lamplighter for December 31, 2016, and December 31, 2017, showing how the accounts should be disclosed General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 431 Interest Revenue: Leases 122 Lease Receivable EXPENSES 141 Inventory 500 Cost of Asset Leased 152 Prepaid Insurance 511 Insurance Expense 181 Equipment 512 Utilities Expense 189 Accumulated Depreciation 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 559 Miscellaneous Expenses 250 Unearned Interest 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings Prepare a table summarizing the lease receipts and interest revenue earned by the lessor for this sales-type lease. Additional Instructions Score: 72/117 LAMPLIGHTER COMPANY Lease Payments Received and Interest Revenue Earned Summary 2016 2023 Interest Revenue Lease Payment Unearned Reduction of Net at 14% on Net Date Lease Receivable Net Investment Interest: Leases Received Investment Investment $276,000.00 $120,545.17 $155,454.83 January 1, 2016 2 $32,000.00 3 December 31,2016 $21,763.68 $10,236.32 21,764.00 145,218.51 4December 31, 2017 20,330.59 32,000.00 11.669.41 133,549.10 5 December 31,2018 13,303.13 120,245.97 32,000.00 18,696.87 32,000.00 6 December 31,2019 16,834.44 15,165.56 105,080.41 December 31, 2020 32,000.00 14,711.26 17,288.74 87,791.67 7 68,082.50 December 31, 2021 32,000.00 12,290.83 19,709.17 8 32,000.00 22,468.45 45,614.05 December 31, 2022 9,531.55 9 10 December 31,2023 6,386.00 25,614.00 20,000.00 32,000.00 InstrucioNs Lamplighter Company, the lessor, agrees to lease equipment to Tilson Company, the lessee, beginning January 1, 2016. The lease terms, provisions, and related events are as follows: The lease is noncancelable and has a term of 8 years. The annual rentals are $32,000, payable at the end of each year. Tilson agrees to pay all executory costs. The interest rate implicit in the lease is 14% The cost of the equipment to the lessor is $110,000. The lessor incurs no material initial direct costs. The collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. The lessor estimates that the fair value at the end of the lease term will be $20,000 and that the economic life of the equipment is 9 years. Required: 1 Calculate the selling price implied by the lease and prepare a table summarizing the lease receipts and interest revenue earned by the lessor for this sales-type lease. 2. Next Level State why this is a sales-type lease. Prepare journal entries for Lamplighter for the years 2016, 2017, and 2019 3. 4. Prepare partial balance sheets for Lamplighter for December 31, 2016, and December 31, 2017, showing how the accounts should be disclosed General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 431 Interest Revenue: Leases 122 Lease Receivable EXPENSES 141 Inventory 500 Cost of Asset Leased 152 Prepaid Insurance 511 Insurance Expense 181 Equipment 512 Utilities Expense 189 Accumulated Depreciation 521 Salaries Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 231 Salaries Payable 541 Depreciation Expense 559 Miscellaneous Expenses 250 Unearned Interest 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings