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Jennifer brent corporation owns equipment that cost

17/12/2020 Client: saad24vbs Deadline: 14 Days

Brief Exercise 21-3

Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2014. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2014. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no salvage value. Prepare Kleckner Corporation’s December 31, 2014, adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 125.)

Date

Account Titles and Explanation

Debit

Credit

December 31, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record interest expense.)

December 31, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record depreciation.)

21-4

Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2014. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2014. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no salvage value. Assume that at December 31, 2014, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease. Prepare Kleckner’s January 1, 2015, journal entry to record the second lease payment of $53,920. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 125.)

Date

Account Titles and Explanation

Debit

Credit

January 1, 2015

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

21-5

Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2014, with equal rental payments of $30,044 at the beginning of each year. All executory costs are paid by Swander directly to third parties. The fair value of the equipment at the inception of the lease is $150,000. The equipment has a useful life of 6 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain-purchase option, and no transfer of title. Collectibility is reasonably assured with no additional cost to be incurred by IBM. Assume the direct-financing lease was recorded at a present value of $150,000. Prepare IBM’s December 31, 2014, entry to record interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 125.)

Date

Account Titles and Explanation

Debit

Credit

December 31, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

21-8

Jennifer Brent Corporation owns equipment that cost $80,000 and has a useful life of 8 years with no salvage value. On January 1, 2014, Jennifer Brent leases the equipment to Donna Havaci Inc. for one year with one rental payment of $15,000 on January 1. Prepare Jennifer Brent Corporation’s 2014 journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

January 1, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record lease payment.)

December 31, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record depreciation.)

Brief Exercise 21-10

Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2014, which requires 6 annual payments of $40,000 each, beginning January 1, 2014. In addition, Indiana Jones guarantees the lessor a residual value of $20,000 at lease-end. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the equipment is $202,921. Prepare Lost Ark’s January 1, 2014, journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

January 1, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record the lease.)

January 1, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record first lease payment.)

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Brief Exercise 21-11

Geiberger Corporation manufactures replicators. On January 1, 2014, it leased to Althaus Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful life of the replicator and requires 5 equal annual rentals of $40,800 payable each January 1, beginning January 1, 2014. An interest rate of 12% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs. Prepare Geiberger’s January 1, 2014, journal entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.) http://edugen.wileyplus.com/edugen/courses/crs7181/art/qb/qu/ch0/EAT_13703397954090_1936677875876448.jpg http://edugen.wileyplus.com/edugen/courses/crs7181/art/qb/qu/ch0/EAT_13703397954250_16132208644572021.jpg

Date

Account Titles and Explanation

Debit

Credit

January 1, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record the lease.)

January 1, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record cost.)

January 1, 2014

http://edugen.wileyplus.com/edugen/art2/common/pixel.gif

(To record first lease payment.)

Click if you would like to Show Work for this question:

Open Show Work

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