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On January 1, 20X0, Gidget's Innovations Inc. (GII) leased a machine for eight years. The residual value at the end of the lease term is estimated at $25,000. The economic and useful life of the machine is 15 years. The residual value at the end of the economic/useful life is estimated at $7,500. GII has the option to purchase the machine at the end of the lease for $2,100. GII has also agreed to take the insurance package on the machinery offered by the lessor.
Required:
Problem a) An amortization schedule for the lessee's lease liability formatted as follows: date; lease payment; interest expense; principal; lease liability.
Problem b) An amortization schedule for the lessee's right-of-use asset formatted as follows: date; depreciation expense; accumulated depreciation; cost; net book value.
Problem c) What information in the two amortization schedules would be included in the lessee's financial statements or the lessee's notes to its financial statements.
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