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please help ill rate highly Balance On January 1, 2021, National Insulation Corporation (NIC) feased equipment from United Leasing under a finance lease. Lease payments
please help ill rate highly
Balance On January 1, 2021, National Insulation Corporation (NIC) feased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC Portions of the United Leasing's lease amortization schedule appear below: (FV of $1. PV of $1. EVAOSI. PVA of S1. EVAD of S1 and PVAD of 5.1) (Use appropriate factor(s) from the tables provided.) Effective Decrease in Outstanding Payment Interest Balance 2021 136,642 2021 15,000 15,000 121.642 2022 15,000 13.301 1.619 120.023 15,000 13.203 1,797 318,224 2024 15,000 13,005 1.995 116,233 15,000 12,785 2,215 116,014 15.000 2.450 111,553 2023 2625 2020 12.542 8.600 2018 2039 2060 15,000 15,000 15.000 32,673 6,400 5.450 4.406 3,23 40,035 29.63 10.596 29.639 2041 Required: 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to nearest whole dollar) 3. What is the effective annual interest rate? (Round your percentage answer to 1 decimal place) 4. What is the total amount of loase payments for United? (Round your answers to nearest whole dollar) 5. What is the total amount of lease payments for NIC? (Round your answers to nearest whole dollar) 6. What is United's not investment at the beginning of the lease after the first payment)? (Round your answers to nearest whole dollar.) 7. What is United's total effective interest revenue recorded over the term of the lease? (Round your answers to nearest whole dollar) B. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to nearest whole dollar) Step by Step Solution
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