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What is the necessary entry at the end of the term

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Question - The guaranteed residual value is 100,000 and the expected payment after the lease term of the lessee related to the value is 40,000 which is accounted as part of the lease liability. What is the necessary entry at the end of the term if the fair value of the leased asset is 50,000?

The lease agreement states the required payments of 60,000 at the start of year 1, 80,000 on year 2, and 100,000 on year 3. The commencement date is the start of year 1 and the leased asset is considered low value. What is the rent expense for the year ended year 1?

On January 1, 2021, a 5-year lease is entered for 100,000 per year payable every year end with the implicit rate is 10%. On January 1, 2023, the lease agreement is modified to be 150,000 per year end for the remaining of the lease term. What is the balance of the lease liability as of January 1, 2023 after considering the modification?

Reference no: EM133030192

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