TR18-5 Lease Liability Amortization Table: (LO 18-3) The following lease liability amortization table was developed for Smith Company and Lease 34T. Lease Year Aug. 1 20x1 Aug. 1 20X2 Aug. 1 20X3 Aug. 1 2004 Aug. 1 20x5 Lease Liability Amortization Table Outstanding Incr./(Decr.) Balance Interest Payment in Balance $43,430 $ $13,500 $(13,500) 29,930 3,292 13,500 (10,208) 19,722 2,169 13,500 (11,331) 8,391 923 4,900 (3,977) 4,414 486 4,900 (4,414) Ending Balance $29,930 19,722 8,391 4,414 (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Provide an independent proof of the $18,540 liability balance after the second payment. (Round percentage answer to nearest whole number. Round intermediate calculations and final answers to the nearest whole dollar amount.) + % The discount rate is PV =( > + 11 2 Smith has a 31 December fiscal year-end. How much interest expense is recorded in 20X3? (Round intermediate calculations and round final answer to the nearest whole dollar amount.) Interest expense 3-a. What is the balance in the lease liability account at 31 December 20X3? (Round intermediate calculations and final answer to the nearest whole llar amount.) Lease liability 3-b. How much of this is a current liability versus a long-term liability? (Round intermediate calculations and final answers to the nearest whole dollar amount.) Current liability Long-term liability TR18-5 Lease Liability Amortization Table: (LO 18-3) The following lease liability amortization table was developed for Smith Company and Lease 34T. Lease Year Aug. 1 20x1 Aug. 1 20X2 Aug. 1 20X3 Aug. 1 2004 Aug. 1 20x5 Lease Liability Amortization Table Outstanding Incr./(Decr.) Balance Interest Payment in Balance $43,430 $ $13,500 $(13,500) 29,930 3,292 13,500 (10,208) 19,722 2,169 13,500 (11,331) 8,391 923 4,900 (3,977) 4,414 486 4,900 (4,414) Ending Balance $29,930 19,722 8,391 4,414 (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: 1. Provide an independent proof of the $18,540 liability balance after the second payment. (Round percentage answer to nearest whole number. Round intermediate calculations and final answers to the nearest whole dollar amount.) + % The discount rate is PV =( > + 11 2 Smith has a 31 December fiscal year-end. How much interest expense is recorded in 20X3? (Round intermediate calculations and round final answer to the nearest whole dollar amount.) Interest expense 3-a. What is the balance in the lease liability account at 31 December 20X3? (Round intermediate calculations and final answer to the nearest whole llar amount.) Lease liability 3-b. How much of this is a current liability versus a long-term liability? (Round intermediate calculations and final answers to the nearest whole dollar amount.) Current liability Long-term liability