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This is a long question but please i need help, thank you!! d. Prepare a lease amortization schedule that shcrws the interest and pr.nopal portions
This is a long question but please i need help, thank you!!
d. Prepare a lease amortization schedule that shcrws the interest and pr.nopal portions Of each 'rase payment, the current year. CCH Corporation entered into the follmang lease contract. Based on thc facts, CCH Corporation classifies the lease as an operating lease. ONc-e kse 90000 Wr#tethe entreqoestton in Excel and format each answer to two dec.ma' places Then enter the answers into thc p'00dcd spaces below with two decimal places. classification of thc lease as an lease Value of the leased asset beng conveyed to CCH Of the habdity that CCH add to its balance sheet at the inception Of the ieasc soaooc x added t' the balance Sheet as an asset SIC-OOO W 2 the asset on the balance sheet? Right-of-use asset schedule that the interest and pnnop.al pomons of each iease payment. End Lease Amortization) 904S7 x IMG_2006.heic Balance %eet Noncash year 2 Liability. Start sooooo x 409813 x 314302 x 214,740 x '09.990 x ImpliCit Interest (Lease LiabllkY. Start cost o' debt) 115,487 x 115,181 x Lease Amortization payment kit interest) 23 ooo 10,737 Lease Liability, End (Lease Liability, Start - Lease Amortization) 93011 104,150 x 109990 x e. Use thc financial statement effects temp'ate to record (a) the inreptjon and (b) payment for year one and for (c) year two of the lease term. Also show the asset and 'ease arnortizadon those two years. Note For each account category. indicate the appropratc account name Enter for any account category that not used for given transaction- Note: Indicate a decrease in an account category by inclod.ng a negatwe s.gn woth the amount Transaction abnce Sheet Cash Asset Cash (0 Noncash Assets v J Lease asset -v Accounts payable Capital Lease X Rent expense x Pent revenue Pent expense Right-of-use a sset Reta.red earnings tash Wyse asser x Right-of-use asset -x Retained earnings -Rent epence f At the end Of the current year. what additional disclosure would CCH make in its footnotes pertaining to the four remaining lease payments? per* Rent DREAMS Liabilities Income O X Cash Lease asset Accounts payable M Rent revenue O O X x X X O Rent revenue Rent expense O Rrghtduse asset x x X X Contrib. Capital Rctaincd earnings Rght of-use asset Earned Capital Lease nab'"ty Rent expense December 2020 Income Statement *ash o X *ease asset x Retaned earnings : eent expense Qv Search X j Rent expense Rent revenue X x t Rent experse f. R the end of the current year. what additonal disclosure would CCH make in its footnotes pertaining to the four remaumng lease payments? December 2020 O X IMG 005 2.heic Trweatef jebe payments Operat.ne Lease we.graed average rema.nsne Me in years ' "erase atxount s
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