60 3312440 3 to be contrasted to rental costs of 10000

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Unformatted text preview: ............................................................................................................ Amortization of Property Rights Amor. of Leased Property under Capital Leases .................................. 7,986 Leased Property under Capital Leases .............................................. (1) $39,930 x .08 = $3,194.40 (2) $39,930 ÷ 5 = $7,986 b. Balance Sheet December 31, Year 1 ASSETS LIABILITIES Leased property under Lease Obligations under capital leases…………… $31,944 (1) capital leases……. $33,124.40 (2) 10,000 7,986 Income Statement For Year Ended December 31, Year 1 Amortization of leased property ..............................................................
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