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The following facts pertain to a noncancelable lease agreement between Shamrock Leasing Company and Bridgeport Company, a lessee Inception date: Annual lease payment due at
The following facts pertain to a noncancelable lease agreement between Shamrock Leasing Company and Bridgeport Company, a lessee Inception date: Annual lease payment due at the beginning of May 1, 2017 $22,157.08 $4,200 each year, beginning with May 1, 2017 Bargain-purchase option price end of lease term Lease terrn Economic life of lcased cquipment Lessor's cost Fair value of asset at May 1, 2017 Lessor's iplicit rate Lessee's incremental borrowing rate 5 years 10 ycars $68,000 $95,000 10% 10% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yel to be incurred by the lessor. The lessee assurnes responsibilily for all executory costs. The expected residual value of the equipment a the end of 5 (10) years is $12,000 ($0) Prepare lease amortization schedule for Bridgeport Company for the 5-year lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25126 and Round answers to 2 decimal places, e.g. 15.25.) BRIDGEPORT COMPANY (Lessee) Lease Amortization Schedule Annual Lease Payment Plus BPO Interest on Liability Reduction of Lease Liability Date Lease Liability
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