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Ace depreciates assets monthly on a straight line basis

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Reference no: EM13880438

1.King Cones leased ice cream making equipment from Ace Leasing. Ace earns interest under such arrangements at a 6% annual rate. The lease term is eight months with monthly payments of $10,000 at the end of each month. Ace purchased the equipment having an estimated useful life of four years at a cost of $300,000. Both the lessee and the lessor elected the short term lease option. Amortization is recorded at the end of each month on a straightline basis. Ace depreciates assets monthly on a straight line basis. What is the effect of the lease on King Cones earnings during the eight month term, ignoring taxes?

Reference no: EM13880438

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