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The following information anplies to the next questions On tursary 1, 2072 XYZ Lessee Wed equipment from QRS Manufacturing at a Price of S164,000 ORS
The following information anplies to the next questions On tursary 1, 2072 XYZ Lessee Wed equipment from QRS Manufacturing at a Price of S164,000 ORS Minotacting as a cost of $120,000 in the sot Lease specifies 4 annual payments of S44,650 beginning January 1, 2022 and on each January 1 thereafter through 2026. The year term ands on December 31, 2012 QRS Manufacturing ostimates a useful life of 4 years and no residual value at the end of the term . There is no purchase option, and the equipment reverts back to the Lessor at the end of the 4-year period The implicit rate on the lease is 6% and XYZ Lessee is aware of that rate Assume Straight Line Depreciation is used on the Right of Use Asset PVAD Factor, nes 3.67301 PV of S1 Factor, wd, rose 79200 At what amount wil QRS Lessor capitalize the Lease Receivable asset? ontwy 2022.XYZ Lesse med mere om os Manutacturing Price of 164.000 .ORS Matching has a cost of $120,000 in the Las nocifis & annual payments of $44.650 beginning January 1, 2022 and on each January the though 2005 The year term on December 31, 2025 ORS Manufacturing states useful life of 4 years and no residual value at the end of the form There is no purchase option, and the montroverts back to the Consor at the end of the your period The implicit rate on the low is 6% and XY2 Lose of that rate . Assume Straight Line Depreciation is used on the right of Use Asset PVAD Factor nude 3.67301 PV of 51 Factor. 79200 At December 31, 2022 end of the first year, QRS Lessor will record a journal entry that includes a Debit to Lease Receivable for $7,161 on Credit to Interest Revenue for $0.840 Oc. Credit to Lease Receivable for $44,650 Od Debit to Interest Expense for $9,840 Information Continued from previous Question Onuary 1 2022. XYZ Lesse lace upon from QRS Manufacturing Price of 5164,000 .ORS Manufacturing has a cost of $120,000 in the assot Lease species d annual payments of $4.650 beginning January 1, 2022 and on each January 1 thereafter though 2005 The Ayear term on Oct 1.2005 ORS Manufacturing states a useful life of 4 years and no residual value at the end of them There is no purchase option and the equipment reverts back to the lessor at the end of the year period The implicit rate on the lease is 6%, and XY2 Less is aware of that rate Assume Straight Line Depreciation is used on the right of Use Asset PVAD Factor, 4, =%65 PV of $1 Factor, 1898 3.67301 79209 Af December 31, 2022, end of the first year XYZ Lessee will record a journal entry that includes a credit to a. Interest Revenue for $7.161 O Lease Liability for $37.489 O Right-OfUse Asset for $41,000 Od Lease Liability for $44,650
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