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Question - On 31 December 20X0, Columbia Inc. entered into an agreement with Scotia Ltd. to lease equipment with a useful life of 6 years. Columbia Inc. will make four equal payments of $112,000 at the beginning of each lease year. Columbia Inc. anticipates that the equipment will have a residual value of $91,200 at the end of the lease, net of removal costs. Columbia Inc. has the option of extending the lease by (1) paying $91,200 to retain the equipment or (2) allowing Scotia Ltd. to remove it.
Scotia Ltd.'s implicit interest rate in this lease is 6%. Columbia Inc.'s incremental borrowing rate is 7%. Columbia Inc. depreciates the leased equipment on a straight-line basis. The lease commences on 1 January 20X1. Assume that the fair value of the equipment on the open market is greater than the present value of the lease payments.
Required -
1. Prepare a lease liability amortization table for this lease for Columbia Inc.
2. Prepare all entries that Columbia Inc. will record for this lease for 20X1 and 20X2.
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