I only need colum four!!!!! numbers in that column are inncorrect Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,000 are payable atthe beginning of each year. Each is a finance lease for the lessee. (FV 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.)Lease term (years)Asset's useful life (years)Lessor's implicit rate (known by lessee)Residual value:Guaranteed by lessee.UnguaranteedPurchase option:After (years)Exercise priceReasonably certain?A. The lessor's:1. Total lease payments2. Gross investment in the lease3. Net investment in the leaseB. The lessee's:4. Total lease payments5. Right-of-use asset6. Lease liability$160,00060,00050,87760,00050,87750,877215598060,00064,80053,996060,00050,87750,877SituationDetermine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.)Situationnonen/a $7,400n/a2569%$4,800034no60,00064,80053,99660,00050,87750,8773569%0$2,400$2,400 $4,8004$1,4004no39,50039,40039,4004589%39,40035,7354$3,400yes

Sales Type Lease: In a sales-type lease, it is thought that the lessor is actually selling something…

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV 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.) Lease term (years) Asset's useful life (years) Lessor's implicit rate (known by lessee) Residual value: Guaranteed by lessee Unguaranteed Purchase option: After (years) Exercise price Reasonably certain? 1 5 5 98 0 0 none n/a n/a Situation 2 5 6 98 $4,800 0 3 5 6 98 $2,400 $2,400 4 4 $7,400 $1,400 no no 4 5 8 98 0 $4,800 $3,400 yes

Each of the four independent situations below describes a sales-type lease in which annual lease payments of $12,000 are payable at the beginning of each year. Each is a finance lease for the lessee. (FV 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.) Lease term (years) Asset's useful life (years) Lessor's implicit rate (known by lessee) Residual value: Guaranteed by lessee Unguaranteed Purchase option: After (years) Exercise price Reasonably certain? 1 5 5 98 0 0 none n/a n/a Situation 2 5 6 98 $4,800 0 3 5 6 98 $2,400 $2,400 4 4 $7,400 $1,400 no no 4 5 8 98 0 $4,800 $3,400 yes

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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