(0
lease accounting for capital lease
the s-mark corp entered into a 20-year capital lease...
Business, 02.09.2019 01:30, oliviabob9893
(0
lease accounting for capital lease
the s-mark corp entered into a 20-year capital lease on an equipment on january 1, 2016. lease payments
of $60,000, which include real estate taxes of $8,000. are due annually, beginning on december 31, 2017
and every december 31 thereafter. the s-mark corp did not know the interest rate implicit in the lease which
was 9%; the s-mark corp incremental borrowing rate is 10%.
requirements:
1. find the present value factor
2. record the entry for the lease assets and liability at january 1, 2016
3. record the entry to make the lease payment at december 31" 2016
4. record depreciation expense on december 31" 2016
5. record the interest expense on december 31" 2016
6. record lease payment december 31" 2016
7. record the entry to make the lease payment at december 31" 2017
8. record depreciation expense on december 31" 2017
9. record the interest expense on december 31" 2017
10. record lease payment december 31" 2017
11. record the entry to make the lease payment at december 31" 2018
12. record depreciation expense on december 31" 2018
13. record the interest expense on december 31" 2018
14. record lease payment december 31 2018
Answers: 3
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