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Problem - On January 1. 2019, Cola Corporation entered into a ten-year lease agreement. Cola accounts for its leases under ABC 340. The following summarizes the agreement
- Payments of $30,000 are due at the beginning of each year; the ?rst payment was made on January 1. 2019.
- The leased asset has an estimated useful life of 15 years.
- Title to the leased asset is transferred to Cola at the end of the lease term.
- The implicit interest rate known by Cola is 10%. - Cola uses the straight-line depreciation method. Since Cola will keep the asset after the lease, depreciation will be calculated based on the total useful life.
- The assets estimated salvage value is $0 after 15 years.
Required -
(a) Determine the interest expense associated with the lease for the year ended December 31, 2013.
(b) Determine the depreciation expense for the year ended December 31. 2018.
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