WITH THE EXACT ANSWERS

On May 1st 2020 a company signs a lease acquiring the right to use an airplane for three years, and at the end of the lease the company will become the owner of the airplane. The lease is considered a capital lease with an interest rate of 12% and monthly payments. The company agrees to repay the loan in equal monthly installments of $3719.95 over the next 3 years. The first payment is to be made on May 31st 2020. Required 1: What is the amount of the lease recognized in the books as of May 1st 2020? \$ Required 2: For the first year, what is the amount of interest expense recognized in the Income Statement of April 30th 2021? \$ Required 3: For the first year, what is the amount of the lease reported in the Balance Sheet of April 30th 2021? \$ Required 4: For the second year, what is the amount of interest expense recognized in the Income Statement of April 30th 2022? \$ Required 5: For the second year, what is the amount of the lease reported in the Balance Sheet of April 30th 2022 \$ Required 6: For the third year, what is the amount of lease payments (excluded interest) made between May 1st 2022 and April 30th 2023? \$ Required 7: In the last payment on April 30th 2023, what is the amount of the last payment to cancel the loan? \$