Chapter 21 Latihan Soal [PDF]

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a)



Date



DU Journeys Lease Amortization Schedule Ordinary Annuity Basis Interest (8%) on Annual Lease Payment Liability



12/31/2018 12/31/2019 12/31/2020 12/31/2021



5,552.82 5,830.46 6,121.98 17,505.26



Journal Entries (to record lease of asset) 12/31/2018 Right of use asset Lease Liability



Reduction of Lease Liability



1,200 851.77 453.48 1,305.25



15,000 -



15,000



12/31/2019 (to record interest expense and lease payment) Interest Expense (15000*8%) 1,200 Lease Liability 4,352.82 Cash atau Lease Liability Cash Interest Expense Lease Liability



5,552.82



5,552.82 5,552.82 1,200



12/31/2019 (to record amortization expense for right of use asset) Amortization asset (15000:3 Years) 5000 Right of use asset 12/31/2020 (to record interest expense and lease payment) Interest Expense 851.77 Lease Liability 4,978.69 Cash 12/31/2020 (to record amortization expense for right of use asset) Amortization asset (15000:3 Years) 5000 Right of use asset -



b)



4,352.82 4,978.69 5,668.49 15,000.00



1,200



5000



5,830.46



5000



Consumer Price index means: book the same amount year to year for payment. The increase in CPI may be booked as an expense when incurred



Lease Liability 15,000 10,647.18 5,668.49 -



ked as an expense when incurred.



a)



Payment Present value factor (i= 5%, n=5) PV of lease payments



b)



8,668 4.54595 39,404.29



1/1/2019 Right of the use asset Lease Liability (to record lease asset)



39,404.29 -



1/1/2019 Lease Liability Cash (to record lease payment)



8,668 -



Burke Corporations Lease Amortization Schedule Annuity Due Basis Interest (5%) on Annual Lease Payment Liability



Date 1/1/2019 1/1/2019 1/1/2020



8,668.00 8,668.00



12/31/2019 Interest Expense Lease Liability (to record interest expense) 12/31/2019 Depreciation Expense (39,404 : 5 years) The right of use asset



0 2,458.90 2,458.90 -



7,880.86 -



39,404.29



8,668



Reduction of Lease Liability 8,668.00 6,209.10 2,458.90



7,880.86



Lease Liability 39,404 30,736.29 24,527.20



a)



Monthly payment of $200 for 50 months Residual value of $1,180 Present value of minimum lease payments



8,873 920 7,953



b)



Right of the use asset Lease Liability



7,953



c)



Lease Liability Cash



7,953 200 -



-



200



Interest Expense Lease Liability (7953 - 200)*0.5% d)



Lease Liability Cash



3,877 -



200 -



200



Interest Expense Lease Liability (3877 - 200)*0.5% e)



f)



3,877



Amortization Expense (7953:50) The right of use asset



1,839 -



1,839 159 -



-



159



Expected residual value guaranteed residual value



500 1,180



PV of monthly payment of $200 for 50 months PV of residual value (1180-500)*0.77929) i=0.06 Present Value of lease payment



8,873 530 9,403



a)



Annual rental payment PV Factor (n= 10, i = 8%) PV of lease payments



71,830 6.71008 481,985 Stora Enso Lease Amortization Schedule Ordinary Annuity Basis



Date 12/31/2018 12/31/2018 12/31/2019 12/31/2020



Annual Lease Payment



Interest (8%) on Reduction of Liability Lease Liability



71,830 71,830 71,830



0 32,812 29,691



Journal Entries 12/31/2018 The right of use asset Lease Liability Lease Liability Cash



71,830 39,018 42,139



481,985 410,155 371,137 328,998



481,985 -



481,985



71,830 -



Lease Liability



71,830



a)



Annual rental payment PV Factor (n= 5, i = 8%) PV of lease payments



20,471.94 4.31213 88,278



Bargain purchase option PV Factor (n=5, i = 8%) PV of bargain purchase option



4,000 0.68058 2,722



Lease receivable at inception



91,000



Choi Group Lease Amortization Schedule Annuity Due Basis Annual Lease Payment



Date 1/5/2019 1/5/2019 1/5/2020 1/5/2021 1/5/2022 1/5/2023 4/30/2024 $ b)



1/5/2019 The right of use asset Lease Liability Lease Liability Cash



$ -



20,471.94 20,471.94 20,471.94 20,471.94 20,471.94 4,000 106,360 $



91,000 $



0 5,642 4,456 3,175 1,791 296.30 15,360 $



91,000



20,471.94 -



12/31/2019 Interest Expense (5642*8/12) Lease Liability -



1/5/2020 Lease Liability Cash



Interest (8%) Reduction of on Liability Lease Liability Lease Liability



20,471.94



3,761 3,761



20,471.94 -



12/31/2020 Interest Expense (4456*8/12) Lease Liability -



20,471.94



2,971 2,971



20,471.94 14,829.70 16,016.07 17,297.36 18,681.14 3,703.79 91,000



91,000 70,528.06 55,698.36 39,682.29 22,384.94 3,703.79 0



a)



Fair value of leased equipment



245,000



Less : Present value of residual value (PV Factor i = 8%, n = 6)



15,335



Amount to be recovered by lessor through lease payments



229,665



Six beginning-of-year lease payments to earn a 8% return (PV Factor i = 8%, n= 6)



46,000.03



b)



Morgan Leasing Group Lease Amortization Schedule Annuity Due Basis Date



Annual Lease Payment 1/1/2019 1/1/2019 1/1/2020 1/1/2021 1/1/2022 1/1/2023 1/1/2024 1/1/2025



c)



Journal Entries 1-Jan-19 Lease Receivable Sales Revenue (to record lease agreement) 1-Jan-19 Cash Lease Receivable (to record lease payment) 31-Dec-19 Lease Receivable Interest Revenue (to record recognition of revenue) 1-Jan-20 Cash Lease Receivable (to record lease payment)



46,000 46,000 46,000 46,000 46,000 46,000 24,335 300,335



Interest (8%) on Reduction of Liability Lease Liability



0 15,920 13,514 10,915 8,108 5,076 1,803 55,335



245,000 -



245,000



46,000 -



46,000



15,920 -



15,920



46,000 -



46,000



46,000 30,080 32,486 35,085 37,892 40,924 22,532 245,000



31-Dec-20 Lease Receivable Interest Revenue (to record recognition of revenue)



13,514 -



13,514



Lease Liability 245,000 199,000 168,920 136,434 101,348 63,456 22,533 0