I need help on the arrows where I am pointing at. Question 5 of 10 <Sage Hill Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company. The following informationrelates to this agreement.The term of the non-cancelable lease is 6 years with no renewal option. The equipment has an estimated economic life of 6years.The cost of the asset to the lessor is $451,000. The fair value of the asset at January 1, 2020, is $451,000.The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of$24,225, none of which is guaranteed.The agreement requires equal annual rental payments, beginning on January 1, 2020.Collectibility of the lease payments by Sage Hill is probable.Click here to view factor tables.Assuming the lessor desires a 10% rate of return on its investment, calculate the amount of the annual rental payment required.(For calculation purposes, use 5 decimal places as displayed in the factor table provided and the final answer to O decimal places e.g.5,275.)1.2.3.4.5.Amount of the annual rental paymentPrepare an amortization schedule that is suitable for the lessor for the lease term. (Round answers to O decimal places e.g. 5,275.)SAGE HILL LEASING COMPANY (Lessor)Lease Amortization ScheduleAnnual Lease Payment PlusURV$$091,285.0091,285.0091,285.0091,285.0091,285.0091,285.0024,225.00571,935.00$LA$Interest on LeaseReceivable0035,972.0030,440.0024,356.0017,663.0010,301.002,203.00120,935.00$$91,285.00Recovery of LeaseReceivable091,285.0055,313.0060,845.0066,929.0073,622.0080,984.0022,022.00451,000.00$Lease Receivable451,000.00359,715.00304,402.00243,557.00176,628.00103,006.0022,022.000 Question 5 of 102.95/3Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments,and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversingentries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in theorder presented in the problem.)DateAccount Titles and Explanation1/20/2031/20/2131/21Lease ReceivableCost of Goods SoldSales RevenueInventory(To record the lease)CashLease Receivable(To record the receipt of lease payment)Lease ReceivableInterest RevenueCashLease ReceivableLease ReceivableInterest RevenueDebit451,000.0091,285.0035,972.0091,285.0030,440.00Credit451,000.0091,285.0035,972.0091,285.0030,440.00Notes:• Here are what I am asking for help that I am pointing withan arrowS

A journal entry is a practice of keeping or creating records of every transaction, whether they are financial or not. Each journal entry provides information crucial to a single business transaction, such as the date, the sum to be credited and debited, a succinct explanation of the transaction, and the accounts involved. Depending on the business, it could include a list of the impacted subsidiaries, tax information, and other data.Journal entry: Date Particulars Debit Credit 1/1/2020 Lease receivable $451,000 Cost of goods sold $451,000 To sales revenue $451,000 To inventory $451,000 (To record the lease) Working note: Note: When a customer purchases anything from the seller in cash, the seller should debit the Cash account and credit the Revenue account. This represents the rise in cash and sales for the company. Fair value is the estimated price at which an object is purchased or sold when both the buyer and the seller voluntarily agree on a price. Inventory is reduced when a product is sold to a customer. The production expenses are reflected in the cost of goods sold. The costs of the commodities bought and sold will increase and decrease the balance in the inventory account, respectively. Thus, the balance in the inventory account should be equal to the cost of the items in the current stock. Date Particulars Debit Credit 1/1/2020 Lease receivable $451,000 To sales revenue $451,000 (To record the lease at its fair value) Date Particulars Debit Credit 1/1/2020 Cost of goods sold $451,000 To inventory $451,000 (To record the cost of the asset)

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Question 5 of 10 2.95/3 E Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation 1/20 /20 31/20 v /21 31/21 V Lease Receivable Cost of Goods Sold Sales Revenue Inventory (To record the lease) Cash Lease Receivable (To record the receipt of lease payment) Lease Receivable Interest Revenue Cash Lease Receivable Lease Receivable Interest Revenue ↓ Debit 451,000.00 91.285.00 35,972.00 91,285.00 30,440.00 Credit 451,000.00 91,285.00 35,972.00 91,285.00 30,440.00 Notes: • Here are what I am asking for help that I am pointing with an arrows

Question 5 of 10 2.95/3 E Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation 1/20 /20 31/20 v /21 31/21 V Lease Receivable Cost of Goods Sold Sales Revenue Inventory (To record the lease) Cash Lease Receivable (To record the receipt of lease payment) Lease Receivable Interest Revenue Cash Lease Receivable Lease Receivable Interest Revenue ↓ Debit 451,000.00 91.285.00 35,972.00 91,285.00 30,440.00 Credit 451,000.00 91,285.00 35,972.00 91,285.00 30,440.00 Notes: • Here are what I am asking for help that I am pointing with an arrows

Accounting Information Systems

11th Edition

ISBN:9781337552127

Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Publisher:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill

Chapter6: Relational Database And Sql

Section: Chapter Questions

Problem 5RQ: What is a relationship?

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Concept explainers

Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.

Question

I need help on the arrows where I am pointing at.

Question 5 of 10
2.95/3
Prepare all of the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments,
and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing
entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the
order presented in the problem.)
Date
Account Titles and Explanation
1/20
/20
31/20
/21
31/21
Lease Receivable
Cost of Goods Sold
Sales Revenue
Inventory
(To record the lease)
Cash
Lease Receivable
(To record the receipt of lease payment)
Lease Receivable
Interest Revenue
Cash
Lease Receivable
Lease Receivable
Interest Revenue
Debit
451,000.00
91,285.00
35,972.00
91,285.00
30,440.00
Credit
451,000.00
91,285.00
35,972.00
91,285.00
30,440.00
Notes:
• Here are what I am asking for help that I am pointing with
an arrowS

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What is a relationship?
is the right answer 7.38