3 Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's Implicit rate of return. (EV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 125 points Skipped Lease term (years) Lessor's rate of return (known by lessee) 15 11% 25 Lessee's incremental borrowing rate Fair value of lease asset 12% $680,000 1.0% $1,060,000 131 Situation 6 1.2% 21% $265,000 eBook Required: Hint a. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. (Round your answers to the nearest whole doller.) Lease Payments Right-of-use Asset/Lease Payable Print Situation 1 References 이 Situation 2 Situation 3

3 Each of the three independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's Implicit rate of return. (EV of $1, PV of $1, FVA of $1, PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 125 points Skipped Lease term (years) Lessor's rate of return (known by lessee) 15 11% 25 Lessee's incremental borrowing rate Fair value of lease asset 12% $680,000 1.0% $1,060,000 131 Situation 6 1.2% 21% $265,000 eBook Required: Hint a. & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right-of-use asset and a lease liability, for each of the above situations. (Round your answers to the nearest whole doller.) Lease Payments Right-of-use Asset/Lease Payable Print Situation 1 References 이 Situation 2 Situation 3

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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