Thie following facts pertain to a non-cancelable lease agreement betwoen. Alschuler Leasing Company and McKee Electronics, a lessee, for a computer witem Commencement date Lease term Economic life of leased equipment Fair value of asset at October 1.2020 Book value of asset at October 1, 2020 Residual value at end of lease term Lessor's implicitate Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2020 October 1, 2020 6 years 6 years $313040 $280.000 -0- B 8 $62,700 The collectibility of the lene payments is probable by the lessor. The most will revert to the lessor at the end of the lewe 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 letter Lease Interest (B6) on Unpaid Reduction of Lease Balance of Lease Date Payment/Receipt Liability Receivable Liability/Receivable Liability/Receivable 10/01/20 $313043 10/01/20 $62.700 $62.700 250.343 10/01/21 62.700 $20.027 42.673 207670 10/01/22 62.700 16614 46,086 152584 10/01/23 62.700 12.927 49,773 111811 10/01/24 62.700 8.945 53.755 S8056 30/01/25 62.700 4,644 58.056 $376.200 $63.157 $313043 (a) Assuming the lessee's accounting period ends on September 30, wwer the following questions with respect to this leme agreement (Round answers to decimal place 58,971.) (1) What Items and amounts will appear on the lessee's income statement to the year ending September 30, 20217 $ 5 (2) What items and amounts will appear on the lessee's balance sheet at September 30, 2021 Balance Sheet(Partial) Current Liabilities Long term Liabiti Assuming the lessee's accounting period ends on September 30, answer the following questions with respect to this lease agreement. (Round answers to decimal places eg. 58,971) (1) What items and amounts will appear on the lessee's Income statement for the year ending September 30, 2017 $ $ (2) What items and amounts will appear on the lessee's balance sheet at September 30, 2021 Balance Sheet (Partial) Current Liabilities: $ Long-term Liabilities $ Non-current Assets (3) What items and amounts will appear on the lessee's income statement for the year ending September 30, 20222 $ $ 14) What items and amounts will appear on the lessee's balance sheet at September 30, 20227 Balance Sheet (Partial) Current Liabilities: $ Long-term Liabilities $ Non-current Assets e Textbook and Media List of Accounts Attempts of 4 used Submit Antwer Saveur (h)
