Problem 10-13AB (Algo) Accounting for Operating Lease LO C3 On January 1 Rogers (isised signs a thece-your leme for machinery that is accounted for as a coperating lease. The lease requires three? $26,840 lease payments (the first at the beginning of the lease and the nemaining two at December 31 of Year I and Year 2) The prefent Required: 1. Preptie the January 1 joumal entry at the start of the lease to rocond any asset or liability. 2. Prepare the January 1 joumal entry to tecord the first $26,840 cash lease payment. 4. Prepare the December 31 journal entry to record the $26,840 cash lease pinment at the end of (af) Year 1 and (b) Year 2. Complete this question by entering your answers in the tabs below. Prepare the danusry 1 joumal entry at the start of the lease to recors any asset or lablity. Journal entry worksheet Record the foumal entry for any asset or llability at the start of the lease. Wote fintar aptota befare crettea Problem 10-13AB (Algo) Accounting for Operating Lease LO C3 On January 1, Rogers (essee) signs a three-year lease for machinery that s accounted for as a operating lease. The lease requires three $26,840 lease payments (the first ot the beginning of the lease and the remaining two at December 31 of Year 1 and Year 21 The present value of the three annual lease payments is $76,200, using a 5.780 s interest rate. The fease payment schedule follows. Required: 1. Prepore the January 1 journal entry at the start of the lease to record any asset or liability. 2. Prepare the January 1 journal entry to record the first $26,840 cash lease poyment. 2. Prepare the January 1 journa entry to record the first $26,840 cash lease poyment. Complete this question by entering your answers in the tabs below. Prepare the January 1 journal entry to record the first $26,840 cash leaso payment. Journal entry worksheet Fecord the first lease paytment on January 1. Holel enter deblis before crefte: Problem 10-13AB (Algo) Accounting for Operating Lease LO C3 On January 1. Regers flessee) signs a three-year lease for machinery that is accounted for as a operaring loase. The iease requiren three $26,840 lease payments fthe first at the beginning of the lease and the remaining two at Decembet 31 of Year 1 and Year 2 ) The present Required: 1. Propare the January 1 journal entry at the start of the lease to record any asset or liability. 2. Prepare the January 1 journal entry to record the first 526.840 cash lease payment. 3. Prapare the December 31 journal entry to record amortication at the end of (a) Year 1,(b) Year 2 , and (d) Yeair 3. 4. Prepare the December 31 journal entry to record the $26.840 cash lease payment at the end of (6) Yeat 1 and (b) Year 2 Complete this question by entering your answers in the tabs below. Prepare the December 31 journal entry to record amortizetion at the end of (a) Year 1,(0) Year 2 , and (c) Year 3. Journal entry worksheet 3 Record amortsration of right-of-use asset at December 31 of the first year. Wite: Enter debita belone cidits. Problem 10-13AB (Algo) Accounting for Operating Lease LO C3 On January 1, Rogers (fessee) signs a threo-year lease for machinery that is accounted for as a operating lease. The lease requires three $26,840 lease payments the first at the begitrning of the lease and the remaining two at December 31 of Yent 1 and Yoar 21 . The present Required: 4. Prepere the January 1 journal entry at the start of the lease to record any assot or liabihy. 2. Prepare the January 1 journal entry to record the first $26,840 cash lease poyment. 3. Prepare the December 31 journal entry to record amortization at the end of (9) Yoar 1,(6) Year 2 , and (c) Year 3. 4. Prepare the December 31 joumat entry to record the $26,840 cash lease poyment at the end of (a) Yoer 1 and (8) Year 2 Complete thls question by entering your answers in the tabs below. Prepare the December 31 joumal entry to record the $26,840 cash iease payment at the end of (a) Year 1 and (b) Year 2. Journal entry worksheet 2 > Record lease payment on December 31 of the first year. Nete. Enter aetits befers oncta
