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please help with this question with work shown, thanks Crane Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2020, to

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please help with this question with work shown, thanks

Crane Leasing Corporation, which uses IFRS 16, signs a lease agreement on January 1, 2020, to lease electronic equipment to Wai Corporation, which also uses IFRS 16. The term of the non-cancellable lease is two years and payments are required at the end of each year. The following information relates to this agreement. 1. 2. Wai Corporation has the option to purchase the equipment for $12,000 upon the termination of the lease and this option is reasonably certain to be exercised. The equipment has a cost and fair value of $180,000 to Crane Leasing Corporation. The useful economic life is two years, with a residual value of $12,000. Wai Corporation is required to pay $5.600 each year to the lessor for insurance costs. Crane Leasing Corporation wants to earn a return of 10% on its investment. Collectibility of the payments is reasonably predictable, and there are no important uncertainties surrounding the costs that have not yet been incurred by the lesson. 3. 4. 5. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Your answer is incorrect. Using time value of money tables, a financial calculator, or Excel functions, calculate the lease payment that Crane Leasing would require from Wai Corporation. (Hint: You may find the ROUND formula helpful for rounding in Excel.) (Round factor values to 5 decimal places, eg. 1.25124 and final answer to 2 decimal places, e.g. 52.75.) Lease payments $ e Textbook and Media List of Accounts * Your answer is incorrect. Prepare a lease amortization schedule for Crane Leasing for the term of the lease. (Round answers to decimal places, eg. 52,754) CRANE LEASING CORPORATION (Lessor) Lease Amortization Schedule Interest Net Annual Payment Annual Payment Excluding Executory Costs CRANE LEASING CORPORATION (Lessor) Lease Amortization Schedule Interest Net on Net Investment Investment Recovery Ne Investr $ 20 $ $ $ $ $ 21 $ e Textbook and Media List of Accounts Your answer is partially correct. Prepare the journal entries on Crane Leasing's books to reflect the payments received under the lease and to recognize income for the years 2020 and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to decimal places, e.g. 52,754.) Date Account Titles and Explanation Debit Credit 1/1/20 Lease Receivable Obligations under Lease Cash (To record inception of lease.) 12/31/20 (Collection of lease payment.) 12/31/21 lease in (To record interest.) e Textbook and Media List of Accounts X Your answer is incorrect. Assuming that Wai Corporation exercises its option to purchase the equipment on December 31, 2021, prepare the journal entry to reflect the sale on Crane Leasing's books. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Round answers to O decimal places, eg. 52,754.) Debit Credit Date Account Titles and Explanation 12/31/21 e Textbook and Media List of Accounts * Your answer is incorrect. What amount would Wai Corporation capitalize and recognize as a lease liability and corresponding right-to-use asset on signing the lease? (Round answer to decimal places, eg. 52,257.) Amount $

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