The following facts pertain to a non cancellable lease agreement between Woodhouse Leasing Corporation and Concord Electronics Ltd , a lessee, for a computer system Inception date October 1, 2020 Lease term 6 years Economic life of leased equipment 6 years Fair value of asset at October 1, 2020 $149,135 Residual value at end of lease term 0 Lessor's implicit rate 9 0 Lessee's incremental borrowing rate 9 0 Annual lease payment due at the beginning of each year, beginning October 1, 2020 $30,500 The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor Concord Electronics Ltd , the lessee, assumes responsibility for all repairs and maintenance costs, which amount to $2,500 per year and are to be paid each October 1, beginning October 1, 2020, by the lessee directly to the suppliers 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 for the lease obligation has been prepared correctly for use by both the lessor and the lessee in accounting for this lease using ASPE The lease is accounted for properly as a capital lease by the lessee and as a direct financing lease by the lessor Date Annual Lease Payment Receipt Interest (9 0 ) on Unpaid Obligation Net Investment Reduction of Lease Obligation Net Investment Balance of Lease Obligation Net Investment 10 01 20 $ 149,135 10 01 20 $ 30,500 $ 0 $ 30,500 118,635 10 01 21 30,500 10,677 19,823 98,812 10 01 22 30,500 8,893 21,607 77,205 10 01 23 30,500 6,948 23,552 53,653 10 01 24 30,500 4,829 25,671 27,982 10 01 25 30,500 2,518 27,982 0 $ 183,000 $ 33,865 $ 149,135 Assuming that Concord Electronics accounting period ends on September 30, answer the following questions with respect to this lease agreement (Round answers to 0 decimal places, e g 5,275 ) 1 What items and amounts will appear on the lessees income statement for the year ended September 30, 2021 Concord Electronics Ltd Income Statement Partial For the Year ended September 30, 2021For the Month Ended September 30, 2021September 30, 2021 $ 2 What items and amounts will appear on the lessees balance sheet at September 30, 2021 Concord Electronics Ltd Balance Sheet Partial 3 What items and amounts will appear on the lessees income statement for the year ended September 30, 2022 Concord Electronics Ltd Income Statement Partial What items and amounts will appear on the lessees balance sheet at September 30, 2022 Concord Electronics Ltd Balance Sheet Partial Assuming that Concord Electronics accounting period ends on December 31, answer the following questions with respect to this lease agreement (Round answers to 0 decimal places, e g 5,275 ) 1 What items and amounts will appear on the lessees income statement for the year ended December 31, 2020 Concord Electronics Ltd Income Statement Partial December 31, 2020For the Month Ended December 31, 2020For the Year ended December 31, 2020 $ 2 What items and amounts will appear on the lessees balance sheet at December 31, 2020 Concord Electronics Ltd Balance Sheet Partial What items and amounts will appear on the lessees income statement for the year ended December 31, 2021 What items and amounts will appear on the lessees balance sheet at December 31, 2021

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The following facts pertain to a non-cancellable lease agreement between Woodhouse Leasing Corporation and Concord Electronics Ltd., a lessee, for a computer system: Inception date

The following facts pertain to a non-cancellable lease agreement between Woodhouse Leasing Corporation and Concord Electronics Ltd., a lessee, for a computer system:

Inception date		October 1, 2020
Lease term		6 years
Economic life of leased equipment		6 years
Fair value of asset at October 1, 2020		$149,135
Residual value at end of lease term		0
Lessor's implicit rate		9.0%
Lessee's incremental borrowing rate		9.0%
Annual lease payment due at the beginning of each year, beginning October 1, 2020		$30,500

The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor. Concord Electronics Ltd., the lessee, assumes responsibility for all repairs and maintenance costs, which amount to $2,500 per year and are to be paid each October 1, beginning October 1, 2020, by the lessee directly to the suppliers. 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 for the lease obligation has been prepared correctly for use by both the lessor and the lessee in accounting for this lease using ASPE. The lease is accounted for properly as a capital lease by the lessee and as a direct financing lease by the lessor.

Date	Annual Lease Payment/ Receipt		Interest (9.0%) on Unpaid Obligation/ Net Investment		Reduction of Lease Obligation/ Net Investment		Balance of Lease Obligation/ Net Investment
10/01/20							$	149,135
10/01/20	$	30,500	$	0	$	30,500		118,635
10/01/21		30,500		10,677		19,823		98,812
10/01/22		30,500		8,893		21,607		77,205
10/01/23		30,500		6,948		23,552		53,653
10/01/24		30,500		4,829		25,671		27,982
10/01/25		30,500		2,518		27,982		0
	$	183,000	$	33,865	$	149,135

Assuming that Concord Electronics accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places, e.g. 5,275.) 1. What items and amounts will appear on the lessees income statement for the year ended September 30, 2021?

Concord Electronics Ltd. Income Statement - Partial For the Year ended September 30, 2021For the Month Ended September 30, 2021September 30, 2021

2. What items and amounts will appear on the lessees balance sheet at September 30, 2021?

Concord Electronics Ltd. Balance Sheet - Partial

3. What items and amounts will appear on the lessees income statement for the year ended September 30, 2022?

Concord Electronics Ltd. Income Statement - Partial

What items and amounts will appear on the lessees balance sheet at September 30, 2022?

Concord Electronics Ltd. Balance Sheet - Partial

Assuming that Concord Electronics accounting period ends on December 31, answer the following questions with respect to this lease agreement. (Round answers to 0 decimal places, e.g. 5,275.) 1. What items and amounts will appear on the lessees income statement for the year ended December 31, 2020?

Concord Electronics Ltd. Income Statement - Partial December 31, 2020For the Month Ended December 31, 2020For the Year ended December 31, 2020
		$

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

Concord Electronics Ltd. Balance Sheet - Partial

. What items and amounts will appear on the lessees income statement for the year ended December 31, 2021? What items and amounts will appear on the lessees balance sheet at December 31, 2021?