The writer is very fast, professional and responded to the review request fast also. Thank you.
I have a question. Please help explain a problem to me. I am having issues with lease amortization schedules and my numbers are not coming out right. Please help!! Please see below:
The following facts pertain to a non-cancelable lease agreement between Mooney Leasing and Choi Group, a lessee (amounts in thousands).
Commencement dateMay 1, 2019
Annual lease payment due at the beginning of each year, beginning with May 1, 2019¥20,471.94
Bargain purchase option price at end of lease term¥ 4,000.00
Lease term5 years
Economic life of leased equipment10 years
Lessor’s cost¥65,000.00
Fair value of asset at May 1, 2019¥91,000.00
Lessor’s implicit rate8%
Lessee’s incremental borrowing rate8%
The collectibility of the lease payments by Mooney is probable.
I need help in preparing a lease amortization schedule for Choi for the 5-year lease term.
I also need help in preparing the journal entries on the lessee’s books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2019 and 2020. Choi’s annual accounting period ends on December 31. Reversing entries are used by Choi. Thank you!
Show more
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more