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Category > Management Posted 25 Mar 2018 My Price 8.00

Jameson Leasing Company

  1. Lessee Accounting

Show all computations; Label work including dates.

The following facts pertain to a non-cancelable lease agreement between Jameson Leasing Company and Axel Company, a lessee.

 

Inception date:

May 1, 2013
 

Annual lease payment due at the beginning of

  
 

   each year, beginning with May 1, 2013

$18,218.66
 

Bargain purchase option price at end of lease term

$3,780
 

Lease term

5 years
 

Economic life of Leased Equipment under Capital Leases

10 years
 

Lessor's cost

$60,700
 

Fair value of asset at May 1, 2013

$75,700.00
 

Lessor's implicit rate

12%
 

Lessee's incremental borrowing rate

12%

The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs.

PV of annuity due = 4.03735

PV of $1 = 0.56743

  1. What is the nature of this lease for Axel Company? Why?
  2. What is the nature of this lease for Jameson Company? Why?
  3. Prepare a lease amortization schedule for Axel Company for the 5 year term.

d) Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the first year Ac€?o 2013.

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Mar 2018 06:03 AM My Price 8.00

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