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Junk Peddler Inc., leases its carts which it uses to sell trinkets. On Jan 1, 2014, the company leased a cart and agreed to make lease payments of $20,000 each year. The lease contract has a term of ?ve years, after which the cart can be purchased by Junk Peddler for a nominal price. Assume an effective rate of 10 percent.
Question 1: Compute the annual rental expense if the lease is treated as an operating lease Prepare the journal entry on Jan 1, 2014 if the lease is treated as a capital lease.
Question 2: Compute the total expense associated with the lease during the ?rst year if the lease is treated as a capital lease.
Question 3: Which of the two methods of treatment (operating or capital) would rise to a higher net income in the ?rst year?
Question 4: Which method would give rise to a lower debt/equity ratio?
Question 5: How can the leases be arranged to treat them as operating?
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