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Lessor Accounting with Receipts at Beginning of Year Edom Company, the lessor, enters into a lease with Davis Company to lease equipment to Davis beginning January 1, 2013. The lease terms, provisions, and related events are as follows: The lease term is 5 years. The lease is noncancelable and requires annual rental receipts of $100,000 to be made in advance at the beginning of each year. The equipment costs $313,000. The equipment has an estimated life of 6 years and, at the end of the lease term, has an unguaranteed residual value of $20,000 accruing to the benefit of Edom. Davis agrees to pay all executory costs. The interest rate implicit in the lease is 14%. The initial direct costs are insignificant and assumed to be zero. 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.

Laase Payments Recaived and Interest Rvanue Earned Summary Payments 1, 2013 Jan 1, 2013 Dex31, 2013 Jan 1, 2014 Dex31, 2014 Jan 1, 2015 Dex31, 2015 Jan 1, 2016 Dex31, 2016 Jan 1, 2017 Dex31, 2012 100000 57753.80 57753.80 100000 s 201 Raceive Paymn Dx. 31 Raceive Paymn