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Each of the three independent situations below describes a capital lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor’s implicit rate of return. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)
Situation
1
2
3
Lease term (years)
12
20
4
Lessor’s rate of return (known by lessee)
11%
9%
12%
Lessee’s incremental borrowing rate
10%
Fair value of leased asset
$620,000
$1,000,000
$205,000
Required:
a. Determine the amount of the annual lease payments as calculated by the lessor and above situations.
b. Determine the amount lessee would record as a leased asset and a lease liability for above situations.
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