1) Prepare all the necessary entries according to the lease amortization schedule.

2) Comment on the nature of the lease from the perspective of lessee and lessor.

 

 

Transcribed Image Text:

Lease Amortization Schedule Annual Interest on Reduction of Balance of Date Lease Payment Uonaid Obligation Lease Obligation Lease Obligation Juli /20 $420,000 Jun 30/21 $126,807 $ 33,600 93,207 $ 326,793 Jun 30/22 126,807 26,143 100,664 226,129 Lease Amortization Schedule Annual Interest on Reduction of Balance of Date Lease Payment Uonaid Obligation Lease Obligation Lease Obligation Juli /20 $420,000 Jun 30/21 $126,807 $ 33,600 93,207 $ 326,793 Jun 30/22 126,807 26,143 100,664 226,129

Answer rating: 100% (QA)

1 July 12020 Lease Asset 420000 Lease Liability 420000 To record the lease of the asset ... View the full answer