Other : More Journal Entry Help - Accounting homework help

Complete the following questions. Submit journal entries in an Excel Template, linked at the bottom of this page, and any written segments in Excel’s comments function. Do not submit two separate documents, as only one document can be accepted.

Assume that the following facts pertain to a non-cancelable lease agreement between Fifth-Third Leasing Company and Bob Evans Farms, a lessee.

Inception date

January 1  2014

Annual lease payment due at the beginning of each year, beginning with January 1, 2014

$81,365

Residual value of equipment at end of lease term, guaranteed by the lessee

$50,000

Lease term

6 years

Economic life of leased equipment

6 years

Fair value of asset at January 1, 2014

$400,000

Lessor’s implicit rate

12%

Lessee’s incremental borrowing rate

12%

The lessee assumes responsibility for all executory costs, which are expected to amount to $4,000 per year. The asset will revert to the lessor at the end of the lease term. The lessee has guaranteed the lessor a residual value of $50,000. The lessee uses the straight-line depreciation method for all equipment.

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