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PLEASE MAKe corrections and answer all parts. Blue Corporation leased equipment to Larkspur, Inc. on January 1 , 2 0 2 5 . The lease
PLEASE MAKe corrections and answer all parts. Blue Corporation leased equipment to Larkspur, Inc. on January The lease agreement called for annual rental payments of $ at the beginning of each year of the year lease. The b Your answer is partially correct. Prepare all necessary journal entries for Larkspur in Larkspur uses straightline depreciation. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem. Date Account Titles and Explanation Credit RightofUse Asset Lease Liability To record the lease Lease Liability To record lease payment Lease Liability c How would the measurement of the lease liability and rightofuse asset be affected if as a result of the lease contract, Larkspur was also required to pay $ in commissions, prepay $ in addition to the first rental payment, and pay $ of insurance each year? Round answers to decimal places, eg Lease liability $ Rightofuseasset $ eTextbook and Media List of Accounts Attempts: of used d Suppose, instead of a year lease term, Larkspur and Blue agree to a oneyear lease with a payment of $ at the start of the lease. Prepare necessary journal entry for Larkspur in List debit entry before credit entry. 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. Date Account Titles and Explanation Debit Credit equipment has an economic useful life of years, a fair value of $ a book value of $ and Blue expects a residual value of $ at the end of the lease term. Blue set the lease payments with the intent of earning a return, though Larkspur is unaware of the rate implicit in the lease and has an incremental borrowing rate of There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. Click here to view factor tables. For calculation purposes, use decimal places as displayed in the factor table provided. a Your answer is correct. Determine the nature of the lease to both Blue and Larkspur. The lease is aan lease to Larkspur. The lease is aan lease to Blue. eTextbook and Media List of Accounts
PLEASE MAKe corrections and answer all parts.
Blue Corporation leased equipment to Larkspur, Inc. on January The lease agreement called for annual rental payments of $ at the beginning of each year of the year lease. The b
Your answer is partially correct.
Prepare all necessary journal entries for Larkspur in Larkspur uses straightline depreciation. List all debit entries before credit entries. Credit account titles are automatically indented when
the amount is entered. Do not indent manually. Round answers to decimal places, eg If no entry is required, select No Entry" for the account titles and enter for the amounts. Record journal
entries in the order presented in the problem.
Date
Account Titles and Explanation
Credit
RightofUse Asset
Lease Liability
To record the lease
Lease Liability
To record lease payment
Lease Liability c
How would the measurement of the lease liability and rightofuse asset be affected if as a result of the lease contract, Larkspur was also required to pay $ in commissions, prepay $ in
addition to the first rental payment, and pay $ of insurance each year? Round answers to decimal places, eg
Lease liability $
Rightofuseasset $
eTextbook and Media
List of Accounts
Attempts: of used
d
Suppose, instead of a year lease term, Larkspur and Blue agree to a oneyear lease with a payment of $ at the start of the lease. Prepare necessary journal entry for Larkspur in
List debit entry before credit entry. 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.
Date Account Titles and Explanation
Debit
Credit
equipment has an economic useful life of years, a fair value of $ a book value of $ and Blue expects a residual value of $ at the end of the lease term. Blue set the lease
payments with the intent of earning a return, though Larkspur is unaware of the rate implicit in the lease and has an incremental borrowing rate of There is no bargain purchase option,
ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature.
Click here to view factor tables.
For calculation purposes, use decimal places as displayed in the factor table provided.
a
Your answer is correct.
Determine the nature of the lease to both Blue and Larkspur.
The lease is aan
lease to Larkspur.
The lease is aan
lease to Blue.
eTextbook and Media
List of Accounts
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