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# ch21 - CHAPTER21 AccountingforLeases Topics*1*2...

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CHAPTER 21 Accounting for Leases ASSIGNMENT CLASSIFICATION TABLE Topics Questions Brief Exercises Exercises Problems Cases * 1. Rationale for leasing. 1, 2, 4 1, 2 * 2. Lessees; classification of leases; accounting by lessees. 3, 6, 7, 8, 14 1, 2, 3, 4 1, 2, 3, 5, 7, 8, 11, 12, 13, 14 1, 2, 3, 4, 6, 7, 8, 9, 11, 13, 15, 16 1, 2, 3, 4, 5 * 3. Disclosure of leases. 19 4, 5, 7, 8 2, 3, 5 * 4. Lessors; classification of leases; accounting by lessors. 5, 9, 10, 11, 12, 13 6, 7, 8, 11 4, 5, 6, 7, 9, 10, 12, 13, 14 1, 2, 3, 5, 10, 12, 14, 17 4 * 5. Residual values; bargain purchase options; initial direct costs. 15, 16, 17, 18 5, 9, 10 4, 8, 9, 10 6, 7, 8, 9, 14, 15 2, 5, 6 *6. Sale and leaseback. 20 12 15, 16 7,8 *This material is dealt with in an Appendix to the chapter. 21-1

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ASSIGNMENT CHARACTERISTICS TABLE Item Description Level of Difficulty Time (minutes) E21-1 Lessee entries; capital lease with unguaranteed residual value. Moderate 15-20 E21-2 Lessee computations and entries; capital lease with guaranteed residual value. Moderate 20-25 E21-3 Lessee entries; capital lease with executory costs and unguaranteed residual values. Moderate 20-30 E21-4 Lessor entries; direct financing lease with option to purchase. Moderate 20-25 E21-5 Type of lease; amortization schedule. Simple 15-20 E21-6 Lessor entries; sales-type lease. Moderate 15-20 E21-7 Lessee-lessor entries; sales-type lease. Moderate 20-25 E21-8 Lessee entries with bargain purchase option. Moderate 20-30 E21-9 Lessor entries with bargain purchase option. Moderate 20-30 E21-10 Computation of rental; journal entries for lessor. Moderate 15-25 E21-11 Amortization schedule and journal entries for lessee. Moderate 20-30 E21-12 Accounting for an operating lease. Simple 10-20 E21-13 Accounting for an operating lease. Simple 15-20 E21-14 Operating lease for lessee and lessor. Simple 15-20 *E21-15 Sale and leaseback. Moderate 20-30 *E21-16 Lessee-lessor, sale-leaseback. Moderate 20-30 P21-1 Basic lessee computations and entries; capital lease. Simple 20-25 P21-2 Operating lease; lessee-lessor entries. Simple 20-30 P21-3 Lessee-lessor entries; balance sheet presentation; sales-type lease. Moderate 35-45 P21-4 Balance sheet and income statement disclosure—lessee. Moderate 30-40 P21-5 Balance sheet and income statement disclosure—lessor. Moderate 30-40 P21-6 Lessee entries with residual value. Moderate 25-35 P21-7 Lessee entries and balance sheet presentation; capital lease. Moderate 25-30 P21-8 Lessee entries and balance sheet presentation; capital lease. Moderate 20-30 P21-9 Lessee entries; capital lease with monthly payments. Moderate 20-30 P21-10 Lessor computations and entries; sales-type lease with unguaranteed residual value. Complex 30-40 P21-11 Lessee computations and entries; capital lease with unguaranteed residual value. Complex 30-40 P21-12 Basic lessee accounting with difficult PV calculation. Moderate 40-50 P21-13 Lessor computations and entries; sales-type lease with guaranteed residual value.
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