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What will be the initial value of the lease liability

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Reference no: EM132505988

The Harris Company is the lessee on a four-year lease with the following payments at the end of each year:

Year 1:          Year 2:          Year 3:               Year 4:

11,000          $16,000          $21,000           $26,000

An appropriate discount rate is 7 percentage, yielding a present value of $61,233.

Question 1: If the lease is an operating lease, what will be the initial value of the right-of-use asset?

Question 2: If the lease is an operating lease, what will be the initial value of the lease liability?

Question 3: If the lease is an operating lease, what will be the lease expense shown on the income statement at the end of year 1?

Question 4: If the lease is an operating lease, what will be the interest expense shown on the income statement at the end of year 1?(Leave no cells blank - be certain to enter "0" wherever required.)

Question 5: If the lease is an operating lease, what will be the amortization expense shown on the income statement at the end of year 1?(Leave no cells blank - be certain to enter "0" wherever required.)

Question 6: If the lease is a finance lease, what will be the initial value of the right-of-use asset?

Question 7: If the lease is a finance lease, what will be the initial value of the lease liability?

Question 8: If the lease is a finance lease, what will be the lease expense shown on the income statement at the end of year 1?(Leave no cells blank - be certain to enter "0" wherever required.)

Question 9: If the lease is a finance lease, what will be the interest expense shown on the income statement at the end of year 1?(Round your answer to the nearest dollar amount.)

Question 10: If the lease is a finance lease, what will be the amortization expense shown on the income statement at the end of year 1? (Round your answer to the nearest dollar amount.)

Reference no: EM132505988

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