chapter 21 part 2 - 144.85 interest expense 105.15 cash 250...

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Chapter 21 Part 2 Homework Exercises 21-1, 21-2, 21-5, 21-6, 21-8, 21-10, 21-11, 21-12, 21-15, 21-1 a) It’s a capital lease to adams because the lease term is 5 years, and is greater than 75 % of the 6 years o b) 41466.88 c) 1/1/2010 Leases 41,466 lease liability 41,466 lease liability 9,968 cash 9,968 12/31/2010 depreciation expense 8,313 acc depre leases 8,313 1/1/2011 lease liability 6,808 interest payable 3,160 cash 9,968 21-2) a) it is a capiatl lease b) present value is computed monthly payment of 250 for 50 months 12500 residual value of 1180 715 present value 13215 c) leased property under capital leases 10,515 lease liability 10,515 d) depreciation expense 186.7 accu depre on leases 186.7 e) lease liability
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Unformatted text preview: 144.85 interest expense 105.15 cash 250 21-6) a) 219999.67 b) 1/1/11 lease receivable 220,000 COGS 170,000 sales 220,000 inventory 170,000 12/31/2007 interest receivable 19963.46 interest revenue 19963.46 I dont really understand how to prepare the lease arrangements and amortization schedule for the lesso 21-12) a) entry for Secada 1/1/2011 Building 3600000 cash 3600000 12/31/2011 cash 220,000 rental revenue 220,000 depre expense 72,000 acc depre building 72,000 property tax expense 85,000 insurance expense 10,000 cash 95,000 b) Entry for Ryker 12/31/2011 rent expense 220,000 cash 220,000 21-15 of the leased asset or and lessee...
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This note was uploaded on 04/14/2011 for the course ACCT 3202 taught by Professor Kenmichael during the Spring '11 term at University of Minnesota Duluth.

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chapter 21 part 2 - 144.85 interest expense 105.15 cash 250...

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