Su Claw 2 On anyary 20X2. Supergrocerying oldimbution facility with a 22 year to este esenti REM for 59.000.000 Camisetervalue they had an origine cost of $10.400.000 and accud depreciation of $3.600.000 on the date of tale Alle on January 20x2. Supergrocery signed a 20-year ease agreement with either the property nack, Aparte, beginning on December 20x2.we 50 75.000 Subergreers borrowing rate of the company test Ine depreciation and has December year and Supergroen partner deres based on a B. There is an expected result the end of IN em of 550.000 Dis not guard Bound to the nearest percentage of round Internet com un final the whole SIPAS and EVAD.) priate the provided) Required 1 Give the 20x2 entries Supergrocery would make a record the end en ny required transaction event select "Mojourenty redhentacente 0 Journal entry worksheet > acordurther D Check my work 2. Repeat requirement assuming that Supergrocery has the option to repurchase the equipment ten years after the start of the lease for $7.500.000. Of no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction et po 13 ' N Journal entry worksheet Record the gain or loss on sale and ease back There General Journal Debat Credit Date cary 20 Record entry Clear entry Viewer journal un january 20X2. Supergrocery Inc. sold its major distribution facility, with a 22-year remaining life, to a real estate investment trust (REIT) for $9,000,000 cash, its estimated fair value. The facility had an original cost of $10,400,000 and accumulated depreciation of $3,600,000 on the date of sale. Also on 1 January 20X2, Supergrocery signed a 20-year lease agreement with the REIT, leasing the property back. Annual payments, beginning on 31 December 20X2, are $875,000. Supergrocery has an incremental borrowing rate of 9%. The company uses straight- line depreciation and has a 31 December year-end. Supergrocery records a part-year's depreciation on buildings, based on the date of acquisition. There is an expected residual value at the end of the lease term of $50,000 but this amount is not guaranteed. Round to the nearest percentage. (Do not round Intermediate calculations. Round final answers to the nearest whole dollar amount.) PV of $1. PVA of S1, and PVAD of $1) (Use appropriate factor(s) from the tables provided) Required: 1. Give the 20x2 entries that Supergrocery would make to record the sale and the lease. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet acordurther D Check my work 2. Repeat requirement assuming that Supergrocery has the option to repurchase the equipment ten years after the start of the lease for $7.500.000. Of no entry is required for a transaction/event, select "No journal entry required in the first account field) View transaction et po 13 ' N Journal entry worksheet Record the gain or loss on sale and ease back There General Journal Debat Credit Date cary 20 Record entry Clear entry Viewer journal un january 20X2. Supergrocery Inc. sold its major distribution facility, with a 22-year remaining life, to a real estate investment trust (REIT) for $9,000,000 cash, its estimated fair value. The facility had an original cost of $10,400,000 and accumulated depreciation of $3,600,000 on the date of sale. Also on 1 January 20X2, Supergrocery signed a 20-year lease agreement with the REIT, leasing the property back. Annual payments, beginning on 31 December 20X2, are $875,000. Supergrocery has an incremental borrowing rate of 9%. The company uses straight- line depreciation and has a 31 December year-end. Supergrocery records a part-year's depreciation on buildings, based on the date of acquisition. There is an expected residual value at the end of the lease term of $50,000 but this amount is not guaranteed. Round to the nearest percentage. (Do not round Intermediate calculations. Round final answers to the nearest whole dollar amount.) PV of $1. PVA of S1, and PVAD of $1) (Use appropriate factor(s) from the tables provided) Required: 1. Give the 20x2 entries that Supergrocery would make to record the sale and the lease. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet
