ACT360 CSUOhio Coco Amortization Line & Effective Interest Of Lease OPTION #1: LEASE Complete the following questions. In addition to answering the items

ACT360 CSUOhio Coco Amortization Line & Effective Interest Of Lease OPTION #1: LEASE

Complete the following questions. In addition to answering the items below, you must submit an analysis of the assignment. Analyze the specific outcomes and write an analysis directed toward the team at Coco Inc. describing what the numbers mean and how they relate to the business. Submit journal entries in an Excel file and written segments in an MS Word document. For written answers, please make sure your responses are well-written, formatted in APA style and have proper citations, where applicable.

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Assume that the following facts pertain to a non-cancelable lease agreement between Coco Inc. and Bubs Corp, a Lessee.

Inception date

January 1, 2018

Residual value of equipment at end of lease term, unguaranteed

$100,000

Lease term

6 years

Economic life of leased equipment

8 years

Fair value of asset at January 1, 2017

$800,000

Lessor’s implicit rate

12%

Lessee’s incremental borrowing rate

10%

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 uses the straight-line depreciation method for all equipment.

Using the spreadsheet Lease Amort Schedule, prepare an amortization schedule that would be suitable for the lessee for the lease term.
Using the spreadsheet Journal Entries, prepare the journal entries for the lessee for 2018 and 2019 to record the lease agreement and all expenses related to the lease. Assume the Lessee’s annual accounting period ends on December 31 and that reversing entries are used when appropriate.
Prepare journal entries for the lessor of the transaction. Module Number:
Name of Company:
Option:
Student’s Name:
Prepare the journal entries to record transactions as required.
Lessee:
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
** You may add additional rows as needed.
Lessor:
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a one-line explanation for the reason why the journal entry has been made.
Date
Account Title
Account Title
Amount
Amount
Provide a-one line explanation for the reason why the journal entry has been made.
Module Number:
Name of Company:
Option:
Student’s Name:
Date
Initial Lease amount
Interest Income
Principal
Carrying Amount of Lease
Module Number: 4
Name of Company:
Option:
Date
Initial Lease Amount
Student’s Name:
Interest
Principal
Carrying Amount of Lease
Module Number:
Name of Company:
Option:
Student’s Name:
Prepare the journal entries to record transactions as required.
Journal Entries- Lessee
Date
Transactions and Accounts
Debit
Credit
Provide a one line explanation for the reason why the journal entry has been made.
*** You may add as many rows as needed to prepare your journal entries.
Journal Entries-Lessor
Date
Transactions and Accounts
Debit
Credit
Provide a one line explanation for the reason why the journal entry has been made.
*** You may add as many rows as needed to prepare your journal entries.
Option:
Module:
Student’s Name:
Lease Amortization- Lessee
Dates
Payments
Effective Interest rate (Interest%X
Oustding Balance)
Decrease in Balance
You may add as many rows as needed (Excel Tutorial in Module zero)
Outstanding
Balance
Option:
Module:
Dates
Student’s Name:
Lease Amortization- Lessor
Effective Interest rate (Interest%X Decrease in
Receipts
Oustding Balance)
Balance
You may add as many rows as needed (Excel Tutorial in Module zero)
Outstanding
Balance

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