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Brief Exercise 21-6 Assume that IBM leased equipment that was carried at a cost of $182,000 to Sharon Swander Company. The term of the lease Prepare IBM's January 1, 2017, journal entries at the incepton of the lease. (Credit account titles are automatically indented Click here to view factor tables Date Account Titles and Explanation 1-Jan-17 (To record the lease.) 1-Jan-17 (To record first lease payment.) Debit Credit mpany. The term of the lease is 6 years beginning January 1, 2017, with equal rental payments of $35,685 at the beginning of each year. All are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tit he beginning of each year. All executory costs are paid by Swander directly to third partes. The fair value of the equipment at the incepton "No Entry" for the account titles and enter 0 for the amounts. Round present value factor calculations to 5 decimal places, e.g. 1.25124 a e equipment at the incepton of the lease is $182,000. The equipment has a useful life of 6 years with no salvage value. The lease has an im ecimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971 .) age value. The lease has an implicit interest rate of 7%, no bargain-purchase opton, and no transfer of ttle. Collectbility is reasonably assu ollectbility is reasonably assured with no additonal cost to be incurred by IBM. Exercise 21-8 (Part Level Submission) The following facts pertain to a noncancelable lease agreement between Ayayai Leasing Company and Pina Company, a Inception date: 1-May-17 Annual lease payment due at the beginning of each year, beginning with May 1, 2017 Bargain-purchase option price at end of lease term $19,199.45 $4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $67,000 Fair value of asset at May 1, 2017 $84,000 Lessor's implicit rate 9% Lessee's incremental borrowing rate 9% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding t Prepare a lease amortzaton schedule for Pina Company for the PINA COMPANY (Lessee Lease Amortization Sched Date Annual Lease Payment Plus BPO 5/1/2017 $ 5/1/2017 5/1/2018 5/1/2019 5/1/2020 5/1/2021 4/30/2022 $ Company and Pina Company, a lessee. rtant uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. hedule for Pina Company for the 5-year lease term. The expected residual value of the equipment at the end of 5 (10) years is $12,00 PINA COMPANY (Lessee) Lease Amortization Schedule Interest on Reduction of Lease Liability Liability Lease Liability $ $ $ $ $ ibility for all executory costs. he end of 5 (10) years is $12,000 ($0). (Round present value factor calculations to 5 decimal places, e.g. 1.25126 and Round answers 5126 and Round answers to 2 decimal places, e.g. 15.25.) Exercise 21-2 Splish Company leases an automobile with a fair value of $11,341 from John Simon Motors, Inc., on the following terms: 1 Noncancelable term of 50 months. 2 Rental of $270 per month (at end of each month). (The present value at 1% per month is $10,583.) 3 Estimated residual value after 50 months is $1,060. (The present value at 1% per month is $645.) Splish Compan 4 Estimated economic life of the automobile is 60 months. 5 Splish Company's incremental borrowing rate is 12% a year (1% a month). Simon's implicit rate is unknown. What is the present value of the minimum lease payments? The present value of the minimum lease payments $ (c) Record the lease on Splish Company's books at the date of inception. (Credit account titles are automatic Account Titles and Explanation Debit Credit (d) Record the first month's depreciation on Splish Company's books (assume straight-line). (Credit account tit Account Titles and Explanation Debit Credit (e) Record the first month's lease payment. (Credit account titles are automatically indented when amoun Account Titles and Explanation Debit Credit Inc., on the following terms: nth is $10,583.) onth is $645.) Splish Company guarantees the residual value of $1,060. implicit rate is unknown. ccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, sele ght-line). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry cally indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accou entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) nt manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answer No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 15.) mounts. Round answers to 0 decimal places, e.g. 15.) s, e.g. 15.) Exercise 21-12 On January 1, 2017, Windsor Co. leased a building to Sheridan Inc. The relevant information related to the lease is as foll 1 The lease arrangement is for 10 years. 2 The leased building cost $4,570,000 and was purchased for cash on January 1, 2017. 3 The building is depreciated on a straight-line basis. Its estimated economic life is 50 years with no salvage value. 4 Lease payments are $254,500 per year and are made at the end of the year. 5 Property tax expense of $85,100 and insurance expense of $10,900 on the building were incurred by Windsor in th 6 Both the lessor and the lessee are on a calendar-year basis. (a) Prepare the journal entries that Windsor Co. should make in 2017. (Credit account titles are automatically inden Date Account Titles and Explanation Debit Credit (To record receipt of lease payment.) (To record depreciation.) (To record insurance and property tax.) (b) Prepare the journal entries that Sheridan Inc. should make in 2017. (Credit account titles are automaticall Date Account Titles and Explanatio Debit Credit 12/31/2017 (c) If Windsor paid $30,800 to a real estate broker on January 1, 2017, as a fee for finding the lessee, how much sh Expense should be $ ated to the lease is as follows. rs with no salvage value. e incurred by Windsor in the first year. Payment on these two items was made at the end of the year. are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" t titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No g the lessee, how much should Windsor Co. report as an expense for this item in 2017? uired, select "No Entry" for the account titles and enter 0 for the amounts.) is required, select "No Entry" for the account titles and enter 0 for the amounts.) Exercise 21-14 On February 20, 2017, Crane Inc. purchased a machine for $1,359,600 for the purpose of leasing it. The machine is expe (a) What expense should Cheyenne Company record as a result of the facts above for the year ended December 31, 201 Rent Expense $ (b) What income or loss before income taxes should Crane record as a result of the facts above for the year ended Dece Income from lease before ta $ sing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated on the straight-line basis. The mac ar ended December 31, 2017? ve for the year ended December 31, 2017? (Hint: Amortize commissions over the life of the lease.) aight-line basis. The machine was leased to Cheyenne Company on March 1, 2017, for a 4-year period at a monthly rental of $18,800 monthly rental of $18,800. There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expirat the lessee at the expiration of the lease term. Crane paid $31,200 of commissions associated with negotiating the lease in February ting the lease in February 2017. Exercise 21-16 Presented below are four independent situations. (Round answers to 0 decimal places, e.g. 125. If answer is 0, pl (a) On December 31, 2017, Novak Inc. sold computer equipment to Daniell Co. and immediately leased it back for 10 ye The amount of deferred revenue to be reported $ (b) On December 31, 2017, Splish Co. sold a machine to Cross Co. and simultaneously leased it back for one year. The sa The amount of deferred revenue to be reported $ (c) On January 1, 2017, Blossom Corp. sold an airplane with an estimated useful life of 10 years. At the same time, Bloss The gain on the sale should be reported $ (d) On January 1, 2017, Blue Co. sold equipment with an estimated useful life of 5 years. At the same time, Blue leased b $ $ 125. If answer is 0, please enter 0. Do not leave any fields blank.) leased it back for 10 years. The sales price of the equipment was $521,600, its carrying amount is $398,800, and its estimated rema back for one year. The sales price of the machine was $481,600, the carrying amount is $422,000, and it had an estimated remaining At the same time, Blossom leased back the plane for 10 years. The sales price of the airplane was $499,400, the carrying amount $3 ame time, Blue leased back the equipment for 2 years under a lease classified as an operating lease. The sales price (fair value) of t 0, and its estimated remaining economic life is 12 years. Determine the amount of deferred revenue to be reported from the sale of t d an estimated remaining useful life of 14 years. The present value of the rental payments for the one year is $34,900. At December 0, the carrying amount $376,200, and the annual rental $74,357. Blossom Corp. intends to depreciate the leased asset using the sum ales price (fair value) of the equipment was $211,600, the carrying amount is $298,700, the monthly rental under the lease is $6,000 eported from the sale of the computer equipment on December 31, 2017. is $34,900. At December 31, 2017, how much should Splish report as deferred revenue from the sale of the machine? eased asset using the sum-of-the-years'-digits depreciation method. How much gain on the sale should be reported at the end of 201 under the lease is $6,000, and the present value of the rental payments is $115,502. For the year ended December 31, 2017, determ eported at the end of 2017 in the financial statements? ecember 31, 2017, determine which items would be reported on its income statement for the sale-leaseback transaction. k transaction