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Prepare the journal entries in the books of dandelion corp

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Reference no: EM132556037

FINANCE LEASE - LESSOR (SALES TYPE LEASE)

On January 1, 2019, Shani Corp, a dealer in machinery had the following provisions for a lease contract:

Annual rentals every December 31 starting in 2019 P 800,000

Lease term & useful life of machinery 5 years

Cost of machinery 2,250,000

Implicit rate 10%

Present value of annuity of 1 for 5 years at 10% 3.79

Requirements:

Question a. Compute the amount of gross investment for the lease.

Question b. Compute the amount of net investment for the lease.

Question c. Compute the amount of unearned interest income on January 1, 2020.

Question d. Sales

Question e. Cost of sales

Question f. Gross profit

Question g. Make an amortization table for the lease.

Question h. Prepare the journal entries in the books of Dandelion Corp. for the year 2020.

Reference no: EM132556037

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