No 1 date January 01, 2024 Right-of-use asset Lease payable 2 January 01, 2024 Lease payable Cash General Journal Debit Credit 136,768 136,768 18,000 18,000 3 April 01, 2024 Lease payable 16,218 Interest expense 1,782 Cash 18,000 4 July 01, 2024 Lease payable 16,462 Interest expense 1,538 Cash 18,000 сл 5 October 01, 2024 Lease payable Interest expense Cash 16,709 1,291 18,000 6 7 December 31, 202 Interest expense Interest payable December 31, 202 Amortization expense Right-of-use asset Payment Date Lease Payments Effective Decrease Interest in Balance Lease Balance 01/01/2024 $ 136,768 01/01/2024 $ 18,000 0 $ 18,000 118,768 04/01/2024 18,000 $ 1,782 $ 16,218 102,550 07/01/2024 18,000 1,538 $ 16,462 86,088 10/01/2024 18,000 1,291 $ 16,709 69,379 01/01/2025 18,000 1,041 $ 16,959 52,420 04/01/2025 18,000 786 $ 17,214 35,206 07/01/2025 18,000 528 $ 17,472 17,734 10/01/2025 18,000 266 $ 17,734 0 Total $ 144,000 $ 7,232 $ 136,768

No 1 date January 01, 2024 Right-of-use asset Lease payable 2 January 01, 2024 Lease payable Cash General Journal Debit Credit 136,768 136,768 18,000 18,000 3 April 01, 2024 Lease payable 16,218 Interest expense 1,782 Cash 18,000 4 July 01, 2024 Lease payable 16,462 Interest expense 1,538 Cash 18,000 сл 5 October 01, 2024 Lease payable Interest expense Cash 16,709 1,291 18,000 6 7 December 31, 202 Interest expense Interest payable December 31, 202 Amortization expense Right-of-use asset Payment Date Lease Payments Effective Decrease Interest in Balance Lease Balance 01/01/2024 $ 136,768 01/01/2024 $ 18,000 0 $ 18,000 118,768 04/01/2024 18,000 $ 1,782 $ 16,218 102,550 07/01/2024 18,000 1,538 $ 16,462 86,088 10/01/2024 18,000 1,291 $ 16,709 69,379 01/01/2025 18,000 1,041 $ 16,959 52,420 04/01/2025 18,000 786 $ 17,214 35,206 07/01/2025 18,000 528 $ 17,472 17,734 10/01/2025 18,000 266 $ 17,734 0 Total $ 144,000 $ 7,232 $ 136,768

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 9MC

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Assuming that this is classified as an operating lease, create an amortization table for the right-of-use asset. Amortization of Right-of-Use Asset Lease Expense Amortizatio n of Right- Interest of-Use Asset 12/31/2019 12/31/2020 N 12/31/2021 23 12/31/2022 12/31/2023 Total Answer: Amortization of Right-of-Use Asset Lease Expense Amortizatio n of Right- Interest of-Use Asset 12/31/2019 12,400 2,371 10,029 12/31/2020 12,400 1,837 10,563 12/31/2021 12,400 1,266 11,134 12/31/2022 12,400 654 11,746 12/31/2023 12,400 0 12,400 Total 62,000 6,128 55,872 Diff: 2 Var: 1 Objective: 18.4 IFRS/GAAP: GAAP AACSB: Application of knowledge 22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease. Answer:
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MCQ TYPE QUESTION
QUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E asset