Lease term (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual value: Estimated fair value. Guaranteed fair value 1 5 9% $ 62,000 $ 62,000 0 0 2 8 10% $362,000 $362,000 $ 62,000 0 Lion 3 6 8% $ 87,000 $ 57,000 $ 19,000 $ 19,000 4 9 11% $ 477,000 $ 477,000 $ 31,000 $ 36,000 Required: . & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a ght-of-use asset and a lease liability, for each of the above situations. Jote: Round your answers to the nearest whole dollar amount.

Lease term (years) Lessor's rate of return Fair value of lease asset Lessor's cost of lease asset Residual value: Estimated fair value. Guaranteed fair value 1 5 9% $ 62,000 $ 62,000 0 0 2 8 10% $362,000 $362,000 $ 62,000 0 Lion 3 6 8% $ 87,000 $ 57,000 $ 19,000 $ 19,000 4 9 11% $ 477,000 $ 477,000 $ 31,000 $ 36,000 Required: . & b. Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a ght-of-use asset and a lease liability, for each of the above situations. Jote: Round your answers to the nearest whole dollar amount.

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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