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The following facts pertain to a noncancelable lease agreement between Sheridan Leasing Company and Skysong Company, a lessee. Inception date: Annual lease payment due at the beginning of May 1, 2017 each year, beginning with May 1, 2017 $24,084.20 $3,700 Bargain-purchase option price at end of lease term Lease term 5 years Economic life of leased equipment 10 years Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate $69,000 $101,000 11% Lessee's incremental borrowing rate 11% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee a Compute the amount of the lease recelvable at the inception of the lease. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and Round Lease receivable at inception LINK TO TEXT Prepare a lease amortization schedule for Sheridan Leasing Company for the 5-year lease term. (Round answers to 2 decimal places, e.g. SHERIDAN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Receivable 5/1/20 5/1/21 4/30/22 repare the journal entries to refiect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2037, 2018, and 2019. The lessor's accounting p entries are not used by Sheridan. (Credit account titles are automatically indented when amount is entered. Do not indent manualy. Round answers to 2 decimal ploces, e.g. 16.2 oebit Credt Date Account Titles and Explanation To record the lease.) (To record lease payment. xercise 21-9 The following facts pertain to a noncancelable lease agreement between Sheridan Leasing Company and Skysong Company, a lessee. Inception date: Annual lease payment due at the beginning of May 1, 2017 each year, beginning with May 1, 2017 $24,084.20 $3,700 Bargain-purchase option price at end of lease term Lease term Economic life of leased equipment 5 years 10 years Lessor's cost Fair value of asset at May 1, 2017 Lessor's implicit rate $69,000 $101,000 11% 11% Lessee's incremental borrowing rate The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurre Compute the amount of the lease receivable at the inception of the lease. (Round present value factor calculations to 5 decimal places, e.g Lease receivable at inceptions Prepare a lease amortization schedule for Sheridan Leasing Company for the 5-year lease term. (Round answers to 2 decimal places, e. SHERIDAN LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Receivable 5/1/20 5/1/21 4/30/22 Prepare the journal entries to reflect the signing of the lease entries are not used by Shendareement and to recornd the recoipts and incoene related to this lease for the yoars 2017, 201B, and 2019, The lesser's accounting period ends on Decamber 31. P record the recei (Credit account titles are automatically Indented when smount is entered. Do not indent manosly. Round answers to 2 decinal places, e.g. 1625) Date Account Titles and Explanation (To record the lease.) To record lease payment
