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  • Pelaporan Korporat Tugas 6

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    This document contains the accounting entries for two companies involved in a sale-leaseback transaction: 1) Wildcat Corporation sells equipment for $1.5 million, realizing a $200,000 gain. It then leases the equipment back over 2 years, recording a right-of-use asset and lease liability. 2) Wichita Finance Co buys the equipment for $1.7 million and leases it back to Wildcat. It records the equipment asset and a lease receivable, which it recognizes as lease revenue over the lease term. It also contains amortization schedules for a 4-year lease between another seller-lessee and buyer-lessor, showing the calculation of

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    This document contains the accounting entries for two companies involved in a sale-leaseback transaction: 1) Wildcat Corporation sells equipment for $1.5 million, realizing a $200,000 gain. It then leases the equipment back over 2 years, recording a right-of-use asset and lease liability. 2) Wichita Finance Co buys the equipment for $1.7 million and leases it back to Wildcat. It records the equipment asset and a lease receivable, which it recognizes as lease revenue over the lease term. It also contains amortization schedules for a 4-year lease between another seller-lessee and buyer-lessor, showing the calculation of

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    21 views3 pages

    Pelaporan Korporat Tugas 6

    Uploaded by

    Syahputra
    This document contains the accounting entries for two companies involved in a sale-leaseback transaction: 1) Wildcat Corporation sells equipment for $1.5 million, realizing a $200,000 gain. It then leases the equipment back over 2 years, recording a right-of-use asset and lease liability. 2) Wichita Finance Co buys the equipment for $1.7 million and leases it back to Wildcat. It records the equipment asset and a lease receivable, which it recognizes as lease revenue over the lease term. It also contains amortization schedules for a 4-year lease between another seller-lessee and buyer-lessor, showing the calculation of

    Copyright:

    © All Rights Reserved
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    of 3

    Riko Triawan Syahputra

    457521

    TUGAS PELAPORAN KORPORAT SESI 6

    Wildcat Corporation (Seller-Lessee)


    1/1/18

    1) Cash 1.700.000
    Equipment 1.500.000
    Gain on sale of equipment 200.000

    Right of use asset 779.605


    Lease liability (277.635 x 2.80802) 779.605

    Lease liability 277.635


    Cash 277.635

    12/31/18

    Lease expense 277.635


    Lease liability 35.138
    Right of use asset 242.497

    Wichita Finance Co (Buyer-Lessor)


    1/1/18

    Equipment 1.700.000
    Cash 1.700.000

    Cash 277.635
    Unearned lease revenue 277.635
    12/31/18

    Unearned lease revenue 277.635


    Lease revenue
    277.635

    Depreciation expense 170.000


    Accumulated depreciation equipment (1.700.000 : 10)
    170.000

    2) a) Capitalized amount:
    978,446 × PV of an ordinary annuity for 4 periods at 8%
    978,446 × 3.57710 = 3,500,000

    b) July 1, 2018
    Right of Use Asset 3,500,000
    LeaseLiability 2,521,554
    Cash 978,446
    December 31, 2018
    Depreciation Expense 700,000
    Right of Use Asset [(3,500,000 × 4/10) × 6/12] 700,000
    Interest Expense (201,724 × 6/12) 100,862
    Lease Liability 100,862
    Lease Amortization Schedule
    July 1, 2019
    Interest Expense 201,724
    Lease Liability 776,722

    Cash 978,446
    (Interest expense entry assumed to have been reversed 1/1/19)
    December 31, 2019
    Depreciation Expense 1,225,000
    Right of Use Asset 1,225,000
    Interest Expense (139,587 × 6/12) 69,794
    Lease Liability 69,794

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