Question: Please solve the missing boxes The following facts are for a non-cancellable lease agreement between Sandhill Corporation and Russell Corporation, a lessee: July 1, 2020

Please solve the missing boxes

Please solve the missing boxes The following facts are for a non-cancellable

lease agreement between Sandhill Corporation and Russell Corporation, a lessee: July 1,

2020 Inception date Annual lease payment due at the beginning of each

year, starting July 1, 2020 $ 20,053.56 Bargain purchase option price at

The following facts are for a non-cancellable lease agreement between Sandhill Corporation and Russell Corporation, a lessee: July 1, 2020 Inception date Annual lease payment due at the beginning of each year, starting July 1, 2020 $ 20,053.56 Bargain purchase option price at end of lease term reasonably certain to be exercised by Russell $ 4,300.00 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $ 57,400.00 Fair value of asset at July 1, 2020 $ 89,400.00 Lessor's implicit rate 8% Lessee's incremental borrowing rate 8% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties about costs that have not yet been incurred by the lessor. The lessee assumes responsibility for all executory costs. Both Russell and Sandhill use IFRS 16. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Calculate the amount of the right-of-use asset and lease liability. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 2 decimal places, e.g. 52.75.) Amount $ 89400 i Prepare a lease amortization schedule for the lease obligation using a computer spreadsheet for Russell Corporation for the five- year lease term. (Round answers to 2 decimal places, e.g. 52.75.) Russell Corporation (Lessee) Lease Amortization Schedule Annual Lease Date Payment Plus BPO Interest (8%) on Unpaid Obligation Reduction of Lease Obligation Balance of Lease Obligation 7/1/20 $ 7/1/20 $ $ 20053 $ $ 20053 7/1/21 20053 CA $ 5547.68 14505.32 7/1/22 20053 7/1/23 INI 20053 MANI 7/1/24 20053 6/30/25 4300 tA $ 104565 $ $ $ 89400 Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2020 and 2021. Russell's annual accounting period ends on December 31, and Russell does not use reversing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 2 decimal places, eg. 52.75.) Date Account Titles and Explanation Debit Credit 7/1/20 Right-of-Use Asset 89400 Lease Liability 69346 Cash 20054 (To record inception and payment of lease.) 12/31/20 Interest Expense 2774 Lease Liability 2774 (To record interest.) 12/31/20 Depreciation Expense 4470 Accumulated Depreciation-Right-of-Use Asset 4470 (To record depreciation expense.) 7/1/2021 Interest Expense 2773.68 Lease Liability 17279 Cash 20052.68 (To record lease payment.) 2/31/2021 Interest Expense Lease Liability (To record interest.)

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