Reference no: EM13794906
Laperia County entered into a capital lease on June 30, 20X8, for equipment to be used by General Fund departments. The capitalizable cost of the leased asset was $200,000. An initial payment of $20,000 was made at the inception of the lease. The first annual lease payment of $33,000 was due and paid on July 1, 20X9. Assume a 6% implicit rate of interest on the lease.
1. General Fund expenditures in the fiscal year ended December 31, 20X8, would be?
2. Laperla County should report General Fund expenditures for the fiscal year ended December 31, 20X9, in the amount of?
3. The capital lease transaction will affect Laperla County's fund balance during the fiscal year ended December 31, 20X8, by
4. The capital lease transaction will affect Laperia County's fund balance during the fiscal year ended December 31, 20X9, by
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