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Category > Accounting Posted 10 Sep 2017 My Price 7.00

Moody Company

Exercise 9-68 OPERATING LEASES AND CAPITAL  LEASES

On January 1, 2009, Moody Company leased a warehouse for $20,000 per year. The  first annual payment is due December 31, 2009. The present value of the lease payments, which is also the fair value of the warehouse, is $113,000.

 

Required:

1.     Assume that the lease is an operating lease. Prepare the journal entries made by Moody during 2009 and 2010 for the  lease.

2.     Assume that the lease is a capital lease with an effective interest rate of 12 percent per year. Depreciate the cost of the leased warehouse on a straight-line basis over

10 years with zero residual value. Prepare Moody’s 2009 entries to recognize expenses and payments for the capital lease.

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Maurice Tutor
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Status NEW Posted 10 Sep 2017 02:09 PM My Price 7.00

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