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LESSEE'S BOOKS:

INDICATORS: ONLY ONE


1. TRANSFER OWNERSHIP Estimated useful life
2. BARGAIN PURCHASE OPTION
3. LEASE TERM > OR = 75% OF EUL Estimated Useful Life or LT whichever is shorter
4. PV OF MLP > OR = 90% OF FV OF THE ASSET

ADDITIONAL INDICATORS:
1. GAINS OR LOSSES IN THE FLUCTUATION IN THE MV OF THE ASSET = LESSEE
2. CUSTOMIZED
3. NON-CANCELABLE
4. SECONDARY RENT CONTRACT

PROBLEM 10-11
60 MONTHS
9 FREE
51 # OF MONTHS REQUIRING PAYMENTS
100,000 MONTHLY RENTAL
5,100,000.00 TOTAL RENTAL PAYMENTS OVER THE LEASE TERM
60 MONTHS
85,000.00 MONTHLY RENT EXPENSE

2016 RENT EXPENSE 765,000.00


RENT PAYABLE 765,000.00
(9 * 85,000)

2017 RENT EXPENSE (12 * 85000) 1,020,000.00


RENT PAYABLE 180,000.00
CASH (12 *100,000) 1,200,000.00

2018 RENT EXPENSE (12 * 85000) 1,020,000.00


RENT PAYABLE 180,000.00
CASH (12 *100,000) 1,200,000.00

2019 RENT EXPENSE (12 * 85000) 1,020,000.00


RENT PAYABLE 180,000.00
CASH (12 *100,000) 1,200,000.00

2020 RENT EXPENSE (12 * 85000) 1,020,000.00


RENT PAYABLE 180,000.00
CASH (12 *100,000) 1,200,000.00

2021 RENT EXPENSE (3 * 85000) 255,000.00


RENT PAYABLE 45,000.00
CASH (3 * 100,000) 300,000.00
10-12
LESSEE: DEAN COMPANY LESSOR'S BOOKS:
2016 TOTAL PAYMENT (117 X 300) 35,100,000.00
DIVIDE BY # OF MONTHS (LEASE TERM) 120.00
MONTHLY EXPENSE 292,500.00

RENT EXPENSE 877,500.00 RENT RECEIVABLE


RENT PAYABLE 877,500.00 RENT INCOME

2017 RENT EXPENSE 3,510,000.00 CASH


RENT PAYABLE 90,000.00 RENT INCOME
CASH 3,600,000.00 RENT RECEIVABLE

90,000.00

2026 RENT EXPENSE 2,632,500.00 CASH


RENT PAYABLE 67,500.00 RENT INCOME
CASH 2,700,000.00 RENT RECEIVABLE

10-13 monthly annual straight line


2016 50000 600000
2017 75000 900000
2018 175000 2100000
3600000 1,200,000.00 annual rent expense

2016 Rent Expense 1,200,000.00


Cash 600,000.00
Rent Payable 600,000.00

2017 Rent Expense 1,200,000.00


Cash 900,000.00
Rent Payable 300,000.00

2018 Rent Expense 1,200,000.00


Rent Payable 900,000.00
Cash 2,100,000.00

FINANCE LEASE: LESSEE


11-8
2016
Jan 1 Leased Warehouse 3,336,000.00
Cash 800,000.00
Lease Liability 2,536,000.00
Leased Warehouse 100,000.00
Cash 100,000.00

Dec 31 Depreciation Expense - LW 343,600.00


Accumulated Depreciation - LW 343,600.00
(3,336,000 + 100,000)/ 10

Real Property Taxes 40,000.00


Cash 40,000.00

Interest Expense 253,600.00


Interest Payable 253,600.00

2017
Jan 1 Lease Liability 546,400.00
Interest Payable 253,600.00
Cash 800,000.00

Dec 31 Depreciation Expense - LW 343,600.00


Accumulated Depreciation - LW 343,600.00
(3,336,000 + 100,000)/ 10

Real Property Taxes 40,000.00


Cash 40,000.00

Interest Expense 198,960.00


Interest Payable 198,960.00

PROBLEM 11-9
2016
1-Jan Leased Terminals and Freight Storage 3,790,000.00
Lease Liability 3,790,000.00

31-Dec Real Property Taxes 75,000.00


Insurance Expense 125,000.00
Cash 200,000.00

Lease Liability 621,000.00


Interest Expense 379,000.00
Cash 1,000,000.00

Depreciation Expense - LTFS 379,000.00


Accumulated Depreciation - LTFS 379,000.00

2017
31-Dec Real Property Taxes 75,000.00
Insurance Expense 125,000.00
Cash 200,000.00

Lease Liability 683,100.00


Interest Expense 316,900.00
Cash 1,000,000.00

Depreciation Expense - LTFS 379,000.00


Accumulated Depreciation - LTFS 379,000.00

Problem 11-10
PV of MLP: Periodic Rental Payments 1,000,000.00 6.33 6,328,000.00
BPO 200,000.00 0.32 64,400.00
6,392,400.00
2016
Jan 1 Leased Machine 6,392,400.00
Lease Liability 6,392,400.00

Lease Liability 1,000,000.00


Cash 1,000,000.00

Dec 31 Interest Expense 647,088.00


Interest Payable 647,088.00

Depreciation Expense - LM 426,160.00


Accumulated Depreciation - LM 426,160.00
***use useful life of 15 years because of BPO

2017
Jan 1 Lease Liability 352,912.00
Interest Payable 647,088.00
Cash 1,000,000.00

31-Dec Interest Expense 604,738.56


Interest Payable 604,738.56

Depreciation Expense - LM 426,160.00


Accumulated Depreciation - LM 426,160.00

PROBLEM 11-11
PV OF MLP: RENTAL PAYMENTS 1,000,000.00 7.61 7,606,000.00
2016
Jan 1 Leased Building 7,606,000.00
Leased Liability 7,606,000.00
Dec 31 Leased Liability 239,400.00
Interest Expense 760,600.00
Cash 1,000,000.00

Depreciation Expense - LB 507,066.67


Accumulated Depreciation - LB 507,066.67

PROBLEM 11-12:
PV OF MLP:
PERIODIC RENTAL PAYMENTS 1,000,000.00 3.27 3,274,300.00
GUARANTEED RESIDUAL VALUE 474,060.00 0.48 225,699.97
3,499,999.97
OR 3,500,000.00
THEREFORE: PV OF MLP IS 100% OF FMV OF THE LEASED ASSET
FINANCE LEASE

2016
Jan 1 Leased Equipment 3,500,000.00
Leased Liability 3,500,000.00

Dec 31 Leased Liability 440,000.00


Interest Expense 560,000.00
Cash 1,000,000.00

Depreciation Expense - LE 605,188.00


Accumulated Depreciation - LE 605,188.00
(3,500,000 - 474,060)/5

2020 FMV = GRV


31-Dec Accumulated Depreciation 3,025,940.00
Lease Liability 474,060.00
Leased Equipment 3,500,000.00

2020 FMV < GRV; 300,000 < 474,060


31-Dec Accumulated Depreciation 3,025,940.00
Lease Liability 474,060.00
Leased Equipment 3,500,000.00

Loss on Finance Lease 174,060.00


Cash 174,060.00

2020 FMV > GRV; 500,000 > 474,060


31-Dec Accumulated Depreciation 3,025,940.00
Lease Liability 474,060.00
Leased Equipment 3,500,000.00

PROBLEM 11-13:
PV OF MLP:
PERIODIC RENTAL PAYMENTS 500,000.00 4.79 2,395,400.00
GUARANTEED RESIDUAL VALUE 400,000.00 0.56 225,800.00
2,621,200.00
pv/fv 94%
lt/eul 75%

2016
Jan 1 Leased Machinery 2,621,200.00
Leased Liability 2,121,200.00
Cash 500,000.00

Dec 31 Interest Expense 212,120.00


Interest Payable 212,120.00

Depreciation Expense - LM 370,200.00


Accumulated Depreciation 370,200.00

2017
Jan 1 Interest Payable 212,120.00
Lease Liability 287,880.00
Cash 500,000.00

31-Dec Interest Expense 183,332.00


Interest Payable 183,332.00

Depreciation Expense - LM 370,200.00


Accumulated Depreciation 370,200.00

1/1/2022 GRV = 400,000


FMV = 450,000

Accumulated Depreciation - LM 2,221,200.00


Lease Liability 363,663.81
Interest Payable 36,336.19
Leased Machinery 2,621,200.00

1/1/2022 GRV = 400,000


FMV = 300,000
Accumulated Depreciation - LM 2,221,200.00
Lease Liability 363,663.81
Interest Payable 36,336.19
Leased Machinery 2,621,200.00

Loss on Finance Lease 100,000.00


Cash 100,000.00

PROBLEM 11-14
PV OF MLP:
PERIODIC RENTAL PAYMENTS 400,000.00 3.62 1,449,720.00
GUARANTEED RESIDUAL VALUE 200,000.00 0.76 152,580.00
1,602,300.00
PV/FV 94% FINANCE LEASE

2016
Dec 31 Leased Equipment 1,602,300.00
Prepaid Insurance 20,000.00
Cash 420,000.00
Lease Liability 1,202,300.00

2017
Dec 31 Insurance Expense 20,000.00
Prepaid Insurance 20,000.00

Lease Liability 315,839.00


Interest Expense 84,161.00
Prepaid Insurance 20,000.00
Cash 420,000.00

Depreciation Expense - LE 350,575.00


Accumulated Depreciation - LE 350,575.00

2020 FV < GRV


31-Dec Accumulated Depreciation 1,402,300.00
Lease Liability 186,909.20
Interest Expense 13,090.80
Loss on Finance Lease 150,000.00
Leased Equipment 1,602,300.00
Cash 150,000.00

PROBLEM 11-15
PV OF MLP RENTAL PAYMENTS 600,000.00 3.60 2,160,000.00
PV/FV 98%
A FINANCE LEASE

2016
Jan 1 Leased Equipment 2,160,000.00
Leased Liability 2,160,000.00

31-Dec Depreciation Expense - LE 432,000.00


Accumulated Depreciation - LE 432,000.00

Lease Liability 340,800.00


Interest Expense 259,200.00
Cash 600,000.00

2020
31-Dec Accumulated Depreciation - LE 2,160,000.00
Leased Equipment 2,160,000.00
ver is shorter
SOR'S BOOKS:

T RECEIVABLE 877,500.00
RENT INCOME 877,500.00

3,600,000.00
ENT INCOME 3,510,000.00
ENT RECEIVABLE 90,000.00

2700000
ENT INCOME 2,632,500.00
RENT RECEIVABLE 67,500.00
PROBLEM 11-8
DATE PAYMENT INTEREST PRINCIPAL PV
1/1/2016 3,336,000.00
1/1/2016 800,000.00 800,000.00 2,536,000.00 total lease liability
1/1/2017 800,000.00 253,600.00 546,400.00 1,989,600.00
1/1/2018 800,000.00 198,960.00 601,040.00 1,388,560.00
1/1/2019 800,000.00 138,856.00 661,144.00 727,416.00 Current Liability
1/1/2020 800,000.00 72,584.00 727,416.00 -
2,536,000.00 1,989,600.00
Non-current Liability

DATE PAYMENT INTEREST PRINCIPAL PV


1/1/2016 3,790,000.00
12/31/2016 1,000,000.00 379,000.00 621,000.00 3,169,000.00
12/31/2017 1,000,000.00 316,900.00 683,100.00 2,485,900.00
12/31/2018 1,000,000.00 248,590.00 751,410.00 1,734,490.00
12/31/2019 1,000,000.00 173,449.00 826,551.00 907,939.00
12/31/2020 1,000,000.00 92,061.00 907,939.00 -
2,485,900.00

DATE PAYMENT INTEREST PRINCIPAL PV


1/1/2016 6,392,400.00
1/1/2016 1,000,000.00 - 1,000,000.00 5,392,400.00
1/1/2017 1,000,000.00 647,088.00 352,912.00 5,039,488.00
1/1/2018 1,000,000.00 604,738.56 395,261.44 4,644,226.56
1/1/2019 1,000,000.00 557,307.19 442,692.81 4,201,533.75
1/1/2020 1,000,000.00 504,184.05 495,815.95 3,705,717.80
1/1/2021 1,000,000.00 444,686.14 555,313.86 3,150,403.93
1/1/2022 1,000,000.00 378,048.47 621,951.53 2,528,452.40
1/1/2023 1,000,000.00 303,414.29 696,585.71 1,831,866.69
1/1/2024 1,000,000.00 219,824.00 780,176.00 1,051,690.70
1/1/2025 1,000,000.00 126,202.88 873,797.12 177,893.58
1/1/2026 200,000.00 22,106.42 177,893.58 -

PROBLEM 11-12
DATE PAYMENT INTEREST PRINCIPAL PV
1/1/2016 3,500,000.00
12/31/2016 1,000,000.00 560,000.00 440,000.00 3,060,000.00
12/31/2017 1,000,000.00 489,600.00 510,400.00 2,549,600.00
12/31/2018 1,000,000.00 407,936.00 592,064.00 1,957,536.00
12/31/2019 1,000,000.00 313,205.76 686,794.24 1,270,741.76
12/31/2020 1,000,000.00 203,318.68 796,681.32 474,060.44

PROBLEM 11-13
DATE PAYMENT INTEREST PRINCIPAL PV
1/1/2016 2,621,200.00
1/1/2016 500,000.00 - 500,000.00 2,121,200.00
1/1/2017 500,000.00 212,120.00 287,880.00 1,833,320.00
1/1/2018 500,000.00 183,332.00 316,668.00 1,516,652.00
1/1/2019 500,000.00 151,665.20 348,334.80 1,168,317.20
1/1/2020 500,000.00 116,831.72 383,168.28 785,148.92
1/1/2021 500,000.00 78,514.89 421,485.11 363,663.81
1/1/2022 400,000.00 36,336.19 363,663.81 -

Problem 11-14
DATE PAYMENT INTEREST PRINCIPAL PV
12/31/2016 1,602,300.00
12/31/2016 400,000.00 - 400,000.00 1,202,300.00
12/31/2017 400,000.00 84,161.00 315,839.00 886,461.00
12/31/2018 400,000.00 62,052.27 337,947.73 548,513.27
12/31/2019 400,000.00 38,395.93 361,604.07 186,909.20
12/31/2020 200,000.00 13,090.80 186,909.20 -

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