Help with questions 14,15,16,17 **14. Lease Recording on Signing Date**On January 1 of Year 1, Tarazi Company leased a truck for a 9-year period under an operating lease and agreed to pay an annual lease payment of $10,000 at the end of each year. The first $10,000 payment will be made on December 31 of Year 1. Which ONE of the following is recorded on the date of the SIGNING of this lease contract on January 1 of Year 1?- [ ] Leased Asset of $10,000- [ ] Leased Asset of $90,000- [ ] Lease Liability of $90,000- [x] No asset or liability is recorded on the lease signing date.- [ ] Lease Liability of $10,000---**15. Lease Liability Reduction**On January 1 of Year 1, Kamili Company leased a truck for a 7-year period under a capital lease and agreed to pay an annual lease payment of $6,000 at the end of each year. The interest rate associated with this capital lease is 12% compounded annually. The cash price of the truck is $27,383. On December 31 of Year 1, the first $6,000 payment was made as scheduled. Which ONE of the following is recorded upon the payment of the first $6,000 payment on December 31 of Year 1?- [x] REDUCTION in Lease Liability of $2,714- [ ] REDUCTION in Lease Liability of $6,000- [ ] REDUCTION in Lease Liability of $24,669- [ ] REDUCTION in Lease Liability of $3,286- [ ] REDUCTION in Lease Liability of $12,000---**16. Interest Expense Calculation for Capital Lease**User Company leased computer equipment from Owner Company on January 1 of Year 1. The computer equipment has an expected useful life of 15 years with no expected salvage value. The terms of the lease require annual payments of $10,000 at the end of each year for 15 years, with the first payment being made on December 31 of Year 1. The interest rate used in computing the lease payments is 12% compounded annually. User Company is accounting for this lease as a capital lease. [Note: Round your calculations to the nearest dollar.] Compute the INTEREST expense associated with this capital lease

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On January 1 of Year 1, Tarazi Company leased a truck for a 9-year period under an operating lease and agreed to pay an annual lease payment of $10,000 at the end of each year. The first $10,000 payment will be made on December 31 of Year 1. Which ONE of the following is recorded on the date of the SIGNING of this lease contract on January 1 of Year 1? O Leased Asset of $10,000 O Leased Asset of $90,000 O Lease Liability of $90,000 O No asset or liability is recorded on the lease signing date. O Lease Liability of $10,000

On January 1 of Year 1, Tarazi Company leased a truck for a 9-year period under an operating lease and agreed to pay an annual lease payment of $10,000 at the end of each year. The first $10,000 payment will be made on December 31 of Year 1. Which ONE of the following is recorded on the date of the SIGNING of this lease contract on January 1 of Year 1? O Leased Asset of $10,000 O Leased Asset of $90,000 O Lease Liability of $90,000 O No asset or liability is recorded on the lease signing date. O Lease Liability of $10,000

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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