acc422 final exam


 

Exercise 21-8 (Part Level Submission)

The subjoined postulates pertain to a noncancelable lease harmony between Windsor Leasing Company and Sheridan Company, a occupier.

Inception date: May 1, 2017 
Annual lease cancelment due at the preparation of   
   each year, preparation after a while May 1, 2017 $21,737.01 
Bargain-purchase liberty absorb at end of lease vocable $3,800 
Lease vocable years
Economic society of leased equipment 10years
Lessor’s absorb $68,000 
Fair esteem of asset at May 1, 2017 $93,000 
Lessor’s implied reprimand 10%
Lessee’s incremental borrowing reprimand 10%

The collectibility of the lease cancelments is reasonably predictable, and tnear are no material uncertainties excluded the absorbs yet to be incurred by the lessor. The occupier assumes service for all executory absorbs.

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Collapse interrogation part

(c)

Partially emend exculpation.Your exculpation is hardly emend.  Try frequently.
  
Prepare a lease amortization catalogue for Sheridan Company for the 5-year lease vocable. (Round introduce esteem content calculations to 5 decimal places, e.g. 1.25125 and Round exculpations to 2 decimal places, e.g. 15.25.)

SHERIDAN COMPANY (Lessee)
Lease Amortization Schedule
Date
 
Annual Lease Cancelment Plus
BPO
 
Interest on
Liability
 
Reduction of Lease
Liability
 
Lease Liability
5/1/17 
$
Entry ground after a while emend exculpation
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
(To chronicles diminution.)
  
 
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
(To chronicles share.)
  
1/1/18
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
(To chronicles succor payament.)
  
 
 

 

 

 

 

 

 

 

 

Question 27

Pearl Corporation manipulations replicators. On January 1, 2017, it leased to Althaus Company a replicator that had absorb $100,000 to manipulation. The lease harmony covers the 5-year available society of the replicator and requires 5 equal annual rentals of $40,200 payable each January 1, preparation January 1, 2017. An share reprimand of 12% is implied in the lease harmony. Collectibility of the rentals is reasonably certain, and tnear are no material uncertainties relating absorbs.

Prepare Pearl’s January 1, 2017, annals entries. (Credit recital titles are automatically secondary when quantity is penetrateed. Do not corrugate manually. If no annals is required, chosen "No Entry" for the recital titles and penetadmonish 0 for the quantitys. Round introduce esteem content calculations to 5 decimal places, e.g. 1.25124 and the conclusive exculpation to 0 decimal places e.g. 58,971.)

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Date
Account Titles and Explanation
Debit
Credit
January 1, 2017
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
(To chronicles the lease.)
  
January 1, 2017
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
(To chronicles absorb.)
  
January 1, 2017
[removed]
[removed]
[removed]
 
[removed]
[removed]
[removed]
 
(To chronicles original lease cancelment.)
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