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New lease laws

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Reference no: EM133306525

Case : New Lease Laws

Table Corp. enters into a new lease for a machine on 1/1/2022 with the following terms:

• Length of lease: 8 years, after which ownership resorts back to the lessor

• Lease payment: $50,000 due on the end of each year

• The machine is expected to last 8 years and have no residual value

• The applicable interest rate is 10%

• There is no bargain purchase option

• The machine has no alternative use to the lessor at the end of the lease term

a) Assuming the lease is classified as an operating lease under the new accounting laws for leases, please provide the journal entry Table Corp. will record on 1/1/2022:

b) Assuming the lease is classified as an operating lease under the new accounting laws for leases, please provide all journal entries Table Corp. will record on 12/31/2022 in relation to this lease:

c) Assuming the lease is classified as a finance lease under the new accounting laws for leases, please provide the journal entry Table Corp. will record on 1/1/2022:

d) Assuming the lease is classified as a finance lease under the new accounting laws for leases, please provide all journal entries Table Corp. will record on 12/31/2022 in relation to this lease:

e) Under the new leasing laws, this lease would be classified as:

Reference no: EM133306525

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