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Determining Type of Lease and Subsequent Accounting Ravis Rent-A-Car Company leases a car to Ira Reem, an employee, on January 1, 2013. The term of the noncancelable lease is 4 years. The following information about the lease is provided: 1. Title to the car passes to Ira on the termination of the lease with no additional payment required by the lessee. 2. The cost and fair value of the car to the Ravis Rent-A-Car is $8,400. The car has an economic life of 5 years. 3. The lease payments are determined at an amount that will yield Ravis Rent-A-Car a rate of return of 10% on its net investment. 4. Collectibility of the lease payments is reasonably assured. 5. There are no important uncertainties surrounding the amount of unreimbursable costs yet to be incurred by the lessor. 6. Equal annual lease payments are due at the end of each year.

RAVIS RENT-A-CAR Lease Receipts and Interest Revenue Summary 2013-2016 Amount of Nat Intersst Revenus at10 on Net Invastment Unearnad Interest Annual Leaze Leasa Recoivable Net Reccivad January 1, 2013 Decamber 31, 2013 Dacember 31, 2014 10599.84 $ 2199.84 8400 2949.96 840 1809.96 7950 1360 6590.04 2650 659 1991 5300 701 4599.08 Dacamber 31, 2015 2650 460 2190 2650 241 2409.03 Dacamber 31, 2016 2650 294.996 2409 Show All Feed back 3. Prepare the jourmal entries for 2013 and 2014 to record the lease agreement, the lease receipts, and the recognition of income on the books of Ravis Rent-A-Car. For con an amount box does not require an entry, leave it blank 2013 Jan. 1 Purchaza Auto Automobile Held for L 8400 8400 Record Lea 10599.84 Automobile Held for L 8400 Uncarned interest: Leases 2199.84 Dec. 31 Receive Payment 6590.04 6590.04 Interest Ravanue Uncarned Interest: Leases 7950 7950 2014 Dac. 31 Receive Payment 2650 2650 Interest Ravanue Uncarned Interest: Leases 4599 nterest Rc 4599