Reference no: EM131286373
The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee.
Inception date: May 1, 2014
Annual lease payment due at the beginning of each year, beginning with May 1, 2014 $18,723.25
Bargain-purchase option price at end of lease term $4,230.00
Lease term 5 years Economic life of leased equipment 10 years Lessor’s cost $65,700.00
Fair value of asset at May 1, 2014 $80,700.00
Lessor’s implicit rate 10 % Lessee’s incremental borrowing rate 10 % The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs.
Prepare a lease amortization schedule for Rode Company for the 5-year lease term.
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