requirement 9, 10, 11

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15 Problems Saved ea On December 31, 2021. Yard Art Landscaping leased a delivery truck from Branch Motors. Branch paid $36,000 for the truck. Its retail value is $100,975 The lease agreement specified annual payments of $30,000 beginning December 31, 2021, the beginning of the lease, and at each December 31 through 2024. Branch Motors' interest rate for determining payments was 10%. At the end of the four-year lease term (December 31, 2025) the truck was expected to be worth $10.000. The estimated useful life of the truck is five years with no salvage value Both companies use straight-line amortization or depreciation Yard Art guaranteed a residual value of $6,000. Yard Art's incremental borrowing rate is 9% and is unaware of Branch's implicit rate. A $3,000 per year maintenance agreement was arranged for the truck with an outside service firm. As an expedient, Branch Motors agreed to pay this fee. It is, however, reflected in the $30,000 lease payments.(EV of $1. PV of S1, EVA of $1. PVA OL$1. FVAD of $1 and PVAD of S1) (Use appropriate factor(s) from the tables provided.) ences Required: 1. How should this lease be classified by Yard Art Landscaping the lessee)? 2. Calculate the amount Yard Art Landscaping would record as a right-of-use asset and a lease liability 3. How should this lease be classified by Branch Motors (the lessor)? 4. Show how Branch Motors calculated the $30,000 annual lease payments. 5. Calculate the amount Branch Motors would record as sales revenue. 6. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2021. 7. Prepare an amortization schedule that describes the pattern of interest expense over the lease term for Yard Art. 8. Prepare an amortization schedule that describes the pattern of interest revenue over the lease term for Branch Motors. 9. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022 10. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2024 (the final lease payment). 11. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2025 (the end of the lease term), assuming the truck is returned to the lessor and the actual residual value of the truck was $2,000 on that date. Complete this question by entering your answers in the tabs below. Reg 1 to 3 and 5 Reg 4 Reg 6 Reg 7 Rego Reg 9 Reg 10 Reg 11 Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Round your intermediate and final answers to nearest whole dollar) View transaction list Journal entry worksheet www **** 7. Prepare an amortization schedule that describes the pattern of interest expense over the lease term for Yard Art. 8. Prepare an amortization schedule that describes the pattern of interest revenue over the lease term for Branch Motors 9. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022 10. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2024 (the final lease payment) 11. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2025 (the end of the lease term the truck is returned to the lessor and the actual residual value of the truck was $2,000 on that date. Complete this question by entering your answers in the tabs below. Req 1 to 3 and 5 Reg 4 Reg 6 Req 7 Req8 Regg Reg 10 Reg 11 Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nea whole dollar.) View transaction list Journal entry worksheet 1 2 3 4 Record the maintenance expense for Yard Art. Notes Enter debits before credits General Journal Date December 31, 2022 Debit Credit Record entry Clear entry View general journal VILA 7. Prepare an amortization schedule that describes the pattern of interest expense over the lease term for Ya 8. Prepare an amortization schedule that describes the pattern of interest revenue over the lease term for Bra 9. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022 10. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2024 (the final lease 11. Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2025 (the end of the the truck is returned to the lessor and the actual residual value of the truck was $2,000 on that date. Complete this question by entering your answers in the tabs below. ok Reg 1 to 3 and 5 Reg 4 Reg 6 Reg 7 Req 8 Reg 9 Req 10 Req 11 Prepare the appropriate entries for both Yard Art and Branch Motors on December 31, 2022. (If no entry is required transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final ans whole dollar) 3 View transaction list ences Journal entry worksheet