High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has...
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High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $9,800 per quarter. Adventures purchased the equipment at a cost of $240,201. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Related Information: Lease term Lease renewal option for an additional Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) 3 years at $9,800 per quarter $ 17,000 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter.. 5 years 10% 2. Prepare an amortization schedule for the term of the lease. Note: Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values. Date Lease Payments Effective Interest Decrease in Balance Balance January 1, 2024 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Required information Lease Date Payments Elective Interest January 1, 2024 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 December 31, 2026 March 31, 2027 June 30, 2027 September 30, 2027 December 31, 2024 March 31, 2028 June 30, 2028 September 30, 2028 Decrease in Balance Balance High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2024. High Time has the option to renew the lease at the end of two years for an additional three years for $9,800 per quarter. Adventures purchased the equipment at a cost of $240,201. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. FVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Related Information: Lease term Lease renewal option for an additional Quarterly lease payments Economic life of asset Interest rate charged by the lessor 2 years (8 quarterly periods) 3 years at $9,800 per quarter $ 17,000 at January 1, 2024, and at March 31, June 30, September 30, and December 31 thereafter.. 5 years 10% 2. Prepare an amortization schedule for the term of the lease. Note: Round your intermediate and final answers to nearest whole dollar. Enter all amounts as positive values. Date Lease Payments Effective Interest Decrease in Balance Balance January 1, 2024 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 Required information Lease Date Payments Elective Interest January 1, 2024 March 31, 2024 June 30, 2024 September 30, 2024 December 31, 2024 March 31, 2025 June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 September 30, 2026 December 31, 2026 March 31, 2027 June 30, 2027 September 30, 2027 December 31, 2024 March 31, 2028 June 30, 2028 September 30, 2028 Decrease in Balance Balance
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