Accounting

The following facts pertain to a noncancelable lease agreement between Ayayai Leasing Company and Pina Company, a
Inception date: 1-May-17 Annual lease payment due at the beginning of each year, beginning with May 1, 2017
Bargain-purchase option price at end of lease term $19,19945
$4,000 Lease term 5 years Economic life of leased equipment 10 years Lessor’s cost $67,000 Fair value of asset at May 1, 2017 $84,000 Lessor’s implicit rate 9% Lessee’s incremental borrowing rate 9% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding t Prepare a lease amortzaton schedule for Pina Company for the PINA COMPANY (Lessee Lease Amortization Sched
Date Annual Lease
Payment Plus
BPO 5/1/2017
5/1/2017
5/1/2018
5/1/2019
5/1/2020
5/1/2021
4/30/2022 $ 19,19945
19,19945
19,19945
19,19945
19,19945
4,000
$ Company and Pina Company, a lessee $23,19945
$10,43975 rtant uncertainties surrounding the costs yet to be incurred by the lessor The lessee assumes responsibility for all executory costs hedule for Pina Company for the 5-year lease term The expected residual value of the equipment at the end of 5 (10) years is $12,00
PINA COMPANY (Lessee)
Lease Amortization Schedule
Interest on Reduction of
Lease Liability Liability
$ 462502 Lease Liability $ $ 14,57443
2,96916 26722 0
$ $ ibility for all executory costs he end of 5 (10) years is $12,000 ($0) (Round present value factor calculations to 5 decimal places, eg 125126 and Round answers 5126 and Round answers to 2 decimal places, eg 1525)

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