Chapter 15 HW-Part II

Lessee interest expense 10 x 365760 100000

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Unformatted text preview: ........... Depreciation expense ([$365,760 25,000] 4 years)........... Accumulated depreciation .......................................... Rhone-Metro (Lessor) Cash (lease payment) ......................................................... Lease receivable (difference) ........................................ Interest revenue (10% x [$365,760 100,000])................... 26,576 73,424 100,000 85,190 85,190 100,000 73,424 26,576 Problem 15-8 (concluded) Requirement 6 December 31, 2013 Western Soya Club (Lessee) Depreciation expense ([$365,760 25,000] 4 years) ........ Accumulated depreciation .......................................... Interest expense (10% x 22,727: from schedule) ...................... Lease payable (difference : from schedule) .......................... Accumulated depreciation ($365,760 25,000) ................. Loss on residual value guarantee ($25,000 1,500) ............ Leased equipment (account balance) .............................. Cash ($25,000 1,500) ................................................... Rhone-Metro (Lessor) Inventory of equipment (actual residual value) ................... Cash ($25,000 1,500) ...................................................... Lease receivable (account balance) ................................ Interest revenue (10% x 22,727: from schedule) ...................... 85,190 85,190 2,273 22,727 340,760 23,500 365,760 23,500 1,500 23,500 22,727 2,273...
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This note was uploaded on 05/08/2010 for the course ACCTG 322 taught by Professor Gill during the Spring '08 term at San Diego State.

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