WileyPLUS X C Brief Exercise 2 X *Homework Hell X E Team WaterCh: x Changes in Acc x Bb Content - ACC X _ CHAFFEY COLL X M McGraw-Hill Co X + X C A https://edugen.wileyplus.com/edugen/student/mainfr.uni Of Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Commencement date May 1, 2017 Annual lease payment due at the beginning of each year, beginning with May 1, 2017 $15,138.16 Bargain purchase option price at end of lease term $4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $50,000 Fair value of asset at May 1, 2017 $68,000 Lessor's implicit rate 8 % Lessee's incremental borrowing rate 8 % The collectibility of the lease payments by Kingbird is probable. Click here to view the factor table. places, e.g. 5,275.15.) Compute the amount of the lease receivable at commencement of the lease. ( For calculation purposes, use 5 decimal places as displayed in the factor table provided and round answer to 2 decimal Lease receivable at commencement $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Licence Mar 2 3000-3010 labe Wiley & Cone Joc All Righte Decarved A Division of lobo Wiley & Cone Inc Version 1 21 14 7 O 9 3 7 0 7:15WileyPLUS X C Brief Exercise 2 X *Homework Hell X E Team WaterCh: x Changes in Acc x Bb Content - ACC X _ CHAFFEY COLL X M McGraw-Hill Co X + X C A https://edugen.wileyplus.com/edugen/student/mainfr.uni Of Home Read, Study & Practice Assignment Gradebook ORION Downloadable eTextbook Assignment > Open Assignment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Prepare a lease amortization schedule for Kingbird for the 5-year lease term. (Round answers to 2 decimal places, e.g. 5,275.15.) KINGBIRD LEASING COMPANY (Lessor) Lease Amortization Schedule Annual Lease Payment Plus Interest on Lease Recovery of Lease Date BPO Receivable Receivable Lease Receivable 5/1/17 $ $ $ 5/1/17 5/1/18 Screenshot . now 5/1/19 Screenshot taken Show in folder 5/1/20 5/1/21 4/30/22 $ $ $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT COPY TO CLIPBOARD Licence Agree Drivea Dalio 2 3100-3010 labe Wiley & Cone Joc All Righte Decarved A Division of lobe Wiley & Gone Inc Version 1 21 14 7 O O M 4 7 0 7:15WileyPLUS X C Brief Exercise 2 X *Homework Hell X Team WaterCh X Changes in Acc X Bb Content - ACC X _ CHAFFEY COLL x M McGraw-Hill Co x + X A https://edugen.wileyplus.com/edugen/student/mainfr.uni WileyPLUS WileyPLUS: MyWileyPLUS | Help | Contact Us | Log Out Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING (ACCT 372/373/374) CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT Prepare the journal entries to reflect the signing of the lease agreement and to record the receipts and income related to this lease for the years 2017 and 2018. The lessor's accounting period ends on December 31. Reversing entries are not used by Kingbird. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/17 (To record the lease) (To record lease payment) SHOW LIST OF ACCOUNTS O 4 7 4 7:16WileyPLUS X C Brief Exercise 2 X *Homework Hell X Team WaterCh: X Changes in Acc X Bb Content - ACC X _ CHAFFEY COLL x M McGraw-Hill Co x + X - > C A https://edugen.wileyplus.com/edugen/student/mainfr.uni Of WileyPLUS WileyPLUS: MyWileyPLUS | Help | Contact Us | Log Out Kieso, Intermediate Accounting, 16e INTERMEDIATE ACCOUNTING (ACCT 372/373/374) CALCULATOR STANDARD VIEW PRINTER VERSION BACK NEXT SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Suppose the collectibility of the lease payments was not probable for Kingbird. Prepare all necessary journal entries for the company in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 2 decimal places, e.g. 5,275.15.) Date Account Titles and Explanation Debit Credit 5/1/17 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Question Attempts: 0 of 3 used SAVE FOR LATER SUBMIT ANSWER O 9 3 7 0 7:16
