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The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and Buffalo Electronics, a lessee, for a computer system. Commencement date October

The following facts pertain to a non-cancelable lease agreement between Alschuler Leasing Company and Buffalo Electronics, a lessee, for a computer system.

Commencement date October 1, 2020
Lease term 6 years
Economic life of leased equipment 6 years
Fair value of asset at October 1, 2020 $321,200
Book value of asset at October 1, 2020 $280,000
Residual value at end of lease term 0
Lessors implicit rate 11 %
Lessees incremental borrowing rate 11 %
Annual lease payment due at the beginning of
each year, beginning with October 1, 2020 $68,400

The collectibility of the lease payments is probable by the lessor. The asset will revert to the lessor at the end of the lease term. The straight-line depreciation method is used for all equipment. The following amortization schedule has been prepared correctly for use by both the lessor and the lessee in accounting for this lease. The lease is to be accounted for properly as a finance lease by the lessee and as a sales-type lease by the lessor.

Date

Lease Payment/Receipt

Interest (11%) on Unpaid Liability/Receivable

Reduction of Lease Liability/Receivable

Balance of Lease Liability/Receivable

10/01/20

$321,200

10/01/20

$68,400

$68,400

252,800

10/01/21

68,400

$27,808

40,592

212,208

10/01/22

68,400

23,343

45,057

167,151

10/01/23

68,400

18,387

50,013

117,138

10/01/24

68,400

12,885

55,515

61,623

10/01/25

68,400

6,777

61,623

0

$410,400

$89,200

$321,200

Assuming the lessees accounting period ends on December 31, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places e.g. 58,971.) (1) What items and amounts will appear on the lessees income statement for the year ending December 31, 2020?

$ Interest Expense
$ Amortization Expense

(2) What items and amounts will appear on the lessees balance sheet at December 31, 2020?

Balance Sheet (Partial) December 31, 2020
Current Liabilities:
Lease Liability $
Long-term Liabilities:
Lease Liability $212,208
Non-current Assets:
Right-of-Use Asset $

(3) What items and amounts will appear on the lessees income statement for the year ending December 31, 2021?

$ Interest Expense
$53,533 Amortization Expense

(4) What items and amounts will appear on the lessees balance sheet at December 31, 2021?

Balance Sheet (Partial) December 31, 2020
Current Liabilities:
Lease Liability $
Long-term Liabilities:
Lease Liability $167,151
Non-current Assets:
Right-of-Use Asset $

I am needing help finding the rest of the values on all parts with $

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