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Critical Financial Accounting Problems Issues and Solutions_8

Tham khảo tài liệu 'critical financial accounting problems issues and solutions_8', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 126 Critical Financial Accounting Problems Exhibit 6.5 Alvertos Company Lease Amortization Schedule Lessee s Computation Annuity Due Basis and Guaranteed Residual Value GRV Date Lease Payment Plus GRV a Executory Costs b Interest at 10 on Unpaid Obligation c Reduction of Lease ObHgation d Balance of Lease Obligation Liability e 1 1 96 50 000.00 1 1 96 14 618 543 3 000 0 11 618 543 38 381 457 1 1 97 14 618 543 3 000 3 838 145 7 780.398 30 601 059 1 1 98 14 618 543 3 000 3 060 105 8 558.438 22 042 621 1 1 99 14 618 543 3 000 2 204.262 9 414 281 12 628.34 1 1 00 14 618 543 3 000 1 262.834 10 355 709 2 272 631 12 31 00 2 500.000 227.263 2 272.03 0 75 592 715 15 000 10 592 609 50 000.00 rounded a Required lease payments b Executory costs paid by the lessee and included in rental payments c Column e at the preceding balance X 10 except for 1 1 96 d a - b - c e Preceding balance d 3. Present value of minimum lease payments 50 000.00 The Alvertos Company lease amortization schedule is shown in Exhibit 6.5. It is the basis for the following entries 1. Capitalization of lease on January 1 1996. Leased Equipment under Capital Leases 50 000 Obligation under Capital Leases 50 000 2. First rental payment on January 1 1996 Property Tax Expense 3 000.00 Obligations under Capital Leases 11 618.543 Cash 14 618.543 Accounting for Leases 127 3. Recognition of accrued interest on December 31 1996 Interest Expense Interest Payable or Accrued Interest Obligation under Capital Leases 3 838.145 3 838.145 4. Recognition of the annual depreciation of leased equipment on December 31 1996. Depreciation Expense-Capital Leases Accumulated Deprecation- Capital Leases 50 000 - 2 500 5 years 9 500.00 9 500.00 5. At the end of the year 1996 the Obligation Under Capital Leases in the balance sheet is divided into its current and noncurrent portions as follows A. Current Liabilities Interest Payable Obligations under Capital Leases B. Noncurrent Liabilities Obligations under Lease 3 838.145 7 780.398