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Provide the FINAL ANSWERS to the exercise which was sent together with this form in
the google classroom. In writing your numerical figures, DO NOT use any peso signs,
commas, or leave spaces in between figures. ROUND OFF answers to the nearest whole
number, UNLESS, otherwise stated or instructed. If the answer is in negative, put the
negative (-) sign before the numerical figure.
FULL CREDIT of the score is given only upon attaching in the google classroom images
(converted to pdf and create only one file) of your solutions presented in good form
written in any clean WORKSHEET. Please follow instructions strictly.
1. FOR PROBLEM 1, Case 1, what amount should AYE report as rent * 1 point
200000
2. FOR PROBLEM 1, Case 2, what is BEE’s rent expense for the year ended * 1 point
December 31, 2021 if the lease is considered a “Low value lease”?
358333
https://docs.google.com/forms/d/e/1FAIpQLSd1KVzahgsknXTYtYM1HOSp636D8pHlsnG-0gNh9mlH6LbkYQ/formResponse 1/5
11/12/22, 9:49 AM AE 211 - Intermediate Accounting 2
3. FOR PROBLEM 1, Case 3, if the lease is considered “Low value lease”, * 1 point
what amount of accrued rent should CEE Company report in its December
31, 2021 statement of financial position?
146250
4. FOR PROBLEM 1, Case 4, for the year ended December 31, 2021, how * 1 point
much TOTAL expense should DHI record related to the leased asset?
146667
5. FOR PROBLEM 2, Case 1, what is the initial cost of the Right of Use * 1 point
Asset?
2367760
6. FOR PROBLEM 2, Case 1, what is the interest expense for 2020? * 1 point
248731
7. FOR PROBLEM 2, Case 1, what is the carrying value of the Lease Liability * 1 point
as of December 31, 2021?
https://docs.google.com/forms/d/e/1FAIpQLSd1KVzahgsknXTYtYM1HOSp636D8pHlsnG-0gNh9mlH6LbkYQ/formResponse 2/5
11/12/22, 9:49 AM AE 211 - Intermediate Accounting 2
1381070
8. FOR PROBLEM 2, Case 1, what is the depreciation expense on the Right * 1 point
of Use Asset in 2020 (under Straight Line Method)?
473552
9. FOR PROBLEM 2, Case 1, what is the carrying value of the Right of Use * 1 point
Asset as of December 31, 2021?
1420656
10. FOR PROBLEM 2, Case 2, what is the initial cost of the Right of Use * 1 point
Asset?
3018583
11. FOR PROBLEM 2, Case 2, what is the interest expense on the lease * 1 point
liability for 2020?
253564
12. FOR PROBLEM 2, Case 2, what is the carrying value of the Lease * 1 point
1 9882
https://docs.google.com/forms/d/e/1FAIpQLSd1KVzahgsknXTYtYM1HOSp636D8pHlsnG-0gNh9mlH6LbkYQ/formResponse 3/5
11/12/22, 9:49 AM AE 211 - Intermediate Accounting 2
1798826
13. FOR PROBLEM 2, Case 2, what is the Depreciation expense on the Right * 1 point
of Use Asset in 2020 (Straight Line Method)?
422655
14. FOR PROBLEM 2, Case 2, what is the carrying value of the Right of Use * 1 point
Asset as of December 31, 2021?
2173273
15. FOR PROBLEM 2, Case 2, what is the entry to record the exercise of the * 1 point
purchase option at the lease expiration? (Write on the space provided the
total amount of your DEBITS)
200000
16. FOR PROBLEM 2, Case 2, what is the entry to record the non-exercise of * 1 point
the purchase option at the lease expiration?(Write on the space provided the
total amount of your CREDITS)
3018583
17. FOR PROBLEM 3, what is the gain/loss to be recognized from the sale * 1 point
202592
2021?
119222
19. FOR PROBLEM 3, what is the carrying value of the lease liability as of * 1 point
December 31, 2021?
912742
20. FOR PROBLEM 3, what is carrying value of the right of use asset as of * 1 point
364098
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