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The following facts pertain to a non-cancelable lease agreement between Oriole Leasing and Sage Hill Group, a lessee (amounts in thousands). The collectibility of the
The following facts pertain to a non-cancelable lease agreement between Oriole Leasing and Sage Hill Group, a lessee (amounts in thousands). The collectibility of the lease payments by Oriole is probable. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Prepare a lease amortization schedule for Sage Hill for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2022 and 2023. Sage Hill's annual accounting period ends on December 31 . Reversing entries are used by Sage Hill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round Interest Expense Lease Liability (To record interest expense) 12/31/23 Depreciation Expense Right-of-Use Asset (To record the depreciation) The following facts pertain to a non-cancelable lease agreement between Oriole Leasing and Sage Hill Group, a lessee (amounts in thousands). The collectibility of the lease payments by Oriole is probable. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Prepare a lease amortization schedule for Sage Hill for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2022 and 2023. Sage Hill's annual accounting period ends on December 31 . Reversing entries are used by Sage Hill. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round Interest Expense Lease Liability (To record interest expense) 12/31/23 Depreciation Expense Right-of-Use Asset (To record the depreciation)
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