3312440 2 income statement for year ended

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Unformatted text preview: $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) Income Statement For Year Ended December 31, Year 1 Amortization of leased property ............................................................... $ 7,986.00 Interest on leases ........................................................................ 3,194.40 Total lease- related cost for Year 1 ............................................................ $11,180.40 (3) (1) $39,930 - $7,986 = $31,944 (2) $39,930 - $6,805.60 = $33,124.40 (3) To be contrasted to rental costs of $10,000 when no capital...
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