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Profissional Documentos
Cultura Documentos
Leased Buildings...............................
Lease Liability............................
1/1/14
Executory Costs..................................
Lease Liability....................................
Cash............................................
12/31/14
Depreciation Expense.......................
Accumulated Depreciation
Capital Leases........................
12/31/14
Interest Expense
(See Schedule 1)............................
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
21-1
Interest Payable.........................
1/1/15
Executory Costs..................................
Interest Payable.................................
Lease Liability....................................
Cash............................................
12/31/15
Depreciation Expense.......................
Accumulated Depreciation
Capital Leases........................
12/31/15
Interest Expense................................
Interest Payable.........................
Lease Receivable................................
Cost of Goods Sold.............................
Sales Revenue.............................
Inventory......................................
1/1/14
Cash.....................................................
Lease Receivable.........................
Interest Receivable.............................
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
Interest Revenue..........................
PROBLEM 21-4
(a) 1.
2.
3.
4.
Current liabilities:
Lease liability
Interest payable
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
21-3
Long-term liabilities:
Lease liability
Property, plant, and equipment:
Leased Equipment
Accumulated depreciationcapital leases
(b) 1.
Interest expense
Lease executory expense
Depreciation expense
Current liabilities:
Lease liability
Interest payable
Long-term liabilities:
Lease liability
3.
21-4
Interest expense
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
Current liabilities:
Lease liability
Interest payable
Long-term liabilities:
Lease liability
Property, plant, and equipment:
Leased equipment
Accumulated depreciationcapital leases
Current assets:
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
21-5
PROBLEM 21-6
Note: This lease is a capital lease to the lessee because the lease term
(six years) exceeds 75% of the remaining economic life of the asset (six years).
Also, the present value of the minimum lease payments exceeds 90% of the
fair value of the asset.
Annual rental payment
PV of an annuity-due of 1 for n = 6, i = 12%
PV of periodic rental payments
Guaranteed residual value
PV of 1 for n = 6, i = 12%
PV of guaranteed residual value
PV of periodic rental payments
PV of guaranteed residual value
PV of minimum lease payments
(a) VANCE COMPANY (Lessee)
Lease Amortization Schedule
Date
Annual Lease
Payment Plus
Reduction of
GRV
Interest (12%) Lease Liability Lease Liabilit
on Liability
1/1/14
1/1/14
$124,798
1/1/15
124,798
1/1/16
124,798
1/1/17
124,798
1/1/18
124,798
1/1/19
124,798
12/31/19
21-6
50,000
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
$798,788
*Rounding error is $1.
**Rounding error is $3.
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
21-7
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
Interest Payable................................................
Depreciation Expense.............................................
Accumulated DepreciationCapital
Leases...........................................................
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
21-9
21-10
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e, Solutions Manual (For Instructor Use Only)
21-11