49er Company signs a 2-year lease for a piece of equipment on January 1, 2020 that...

 

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49er Company signs a 2-year lease for a piece of equipment on January 1, 2020 that is classified as an operating lease. The lease calls for payments on December 31, 2020 and December 31, 2021. 49er Company completes the lease liability amortization table and lease expense schedule (provided below and they are identical). Provide the December 31, 2020 journal entry dollar amounts for the items below. Do not include "$" signs in your answer. Round answers to the nearest whole dollar. If an account does not have an entry amount, enter a "0" for the amount. Date 1/1/2020 $12,526 12/31/2020 $7,000 $971 $6,029 $6.497 12/31/2021 $7,000 $503 $6.497 $0 Lease Liability- Right of Use Asset - Lease Expense W T 49er Company signs a 2-year lease for a piece of equipment on January 1, 2020 that is classified as an operating lease. The lease calls for payments on December 31, 2020 and December 31, 2021. 49er Company completes the lease liability amortization table and lease expense schedule (provided below and they are identical). Provide the December 31, 2020 journal entry dollar amounts for the items below. Do not include "$" signs in your answer. Round answers to the nearest whole dollar. If an account does not have an entry amount, enter a "0" for the amount. Date 1/1/2020 $12,526 12/31/2020 $7,000 $971 $6,029 $6.497 12/31/2021 $7,000 $503 $6.497 $0 Lease Liability- Right of Use Asset - Lease Expense W T

Answer rating: 100% (QA)

Solution Lease liability Present value of lease paymen... View the full answer