Homework Answers
Present value of lease payments = 8482 * PVAFD ( 95 , 5years)
= 8482 * 4.23972
= 35961
| Date | Account Titles | Debit | Credit |
| January 1, 2017 | Leased Equipment | 35961 | |
| 35961 | |||
| January 1, 2017 | Lease Liability | 8482 | |
| Cash | 8482 | ||
| December 31, 2017 | Depreciation Expense | 7192 | |
| Accumulated Depreciation - Capital Leases | 7192 | ||
| [35961/5 years] | |||
| December 31, 2017 | Interest Expense | 2473 | |
| Interest Payable | 2473 | ||
| (35961-8482)*9% | |||
| January 1, 2018 | Lease Liability | 6009 | |
| Interest Payable | 2473 | ||
| Cash | 8482 |
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