Lease Term (in years) quarterly rental payments (paid at the beginning of each quarter) Effective interest...

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Lease Term (in years) quarterly rental payments (paid at the beginning of each quarter) Effective interest rate Present value of lease payments Prepare the lease amortization schedule. Payment Date 01/01/Y1 04/01/Y1 07/01/Y1 10/01/Y1 01/01/Y2 04/01/Y2 07/01/Y2 10/01/Y2 01/01/Y3 04/01/Y3 07/01/Y3 10/01/Y3 total 3 $30,000 12% Sensitivity Analysis Lease lease balance at balance These are on the second page of the excel file 01/01/Y2 at 07/01/Y3 (after the (after the lease payment) lease payment) Lease Payments Effective Decrease in Lease Interest Balance Balance the quarterly lease payments is $7,000 and the effective interest rate is 9% the quarterly lease payments is $24,000 and the effective interest rate is 12% Based on the amortization schedule, please answer the following questions. Q1: what is the lessee's lease expense in Y1 if this is an operating lease? Q2: what is the lessee's interest expense in Y1 if this is an operating lease? Q3: what is the lessee's amortization expense related to the right-of-use assets in Y1 if this is an operating lease? Q4: what is the lessee's amortization expense related to the right-of-use assets in Y3 if this is an operating lease? Q5: Prepare the journal entry for the lessor on 01/01/Y1 if this is an operating lease. Q6: Prepare the journal entry for the lessor on 04/01/Y2 if this is an operating lease (no need to record depreciation expense which would be recorded as an adjusting entry at fiscal period end). Q7: Prepare the journal entry for the lessor on 04/01/Y2 if this is a sales-type lease. Lease Term (in years) quarterly rental payments (paid at the beginning of each quarter) Effective interest rate Present value of lease payments Prepare the lease amortization schedule. Payment Date 01/01/Y1 04/01/Y1 07/01/Y1 10/01/Y1 01/01/Y2 04/01/Y2 07/01/Y2 10/01/Y2 01/01/Y3 04/01/Y3 07/01/Y3 10/01/Y3 total 3 $30,000 12% Sensitivity Analysis Lease lease balance at balance These are on the second page of the excel file 01/01/Y2 at 07/01/Y3 (after the (after the lease payment) lease payment) Lease Payments Effective Decrease in Lease Interest Balance Balance the quarterly lease payments is $7,000 and the effective interest rate is 9% the quarterly lease payments is $24,000 and the effective interest rate is 12% Based on the amortization schedule, please answer the following questions. Q1: what is the lessee's lease expense in Y1 if this is an operating lease? Q2: what is the lessee's interest expense in Y1 if this is an operating lease? Q3: what is the lessee's amortization expense related to the right-of-use assets in Y1 if this is an operating lease? Q4: what is the lessee's amortization expense related to the right-of-use assets in Y3 if this is an operating lease? Q5: Prepare the journal entry for the lessor on 01/01/Y1 if this is an operating lease. Q6: Prepare the journal entry for the lessor on 04/01/Y2 if this is an operating lease (no need to record depreciation expense which would be recorded as an adjusting entry at fiscal period end). Q7: Prepare the journal entry for the lessor on 04/01/Y2 if this is a sales-type lease.