Solutions Financial Accounting - Leasing
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The document discusses two lease solutions. Solution 1 involves a direct financing lease, with schedules showing the lessor's lease amortization and related journal entries. Solution 2 involves a sales-type lease for the lessor and a finance lease for the lessee, with lease amortization schedules and calculations for both parties and their related journal entries.
![JAWABAN ASISTENSI PERTEMUAN 9
LEASING
FK
SOLUTION 1
a) The lease is a direct-financing type lease from the lessor’s point of view or a finance lease from
the lessee’s point of view. The lease contains a bargain purchase option which satisfies one of
the criteria for classification as a direct-financing lease. The option to buy for $9,000,000 at the
termination of the lease when the asset is expected to have a fair value of $15,000,000
constitutes a bargain purchase option.
b) Lessor’s Lease Amortization Schedule
Date
Annual Lease
Rental
Interest on Lease
Receivable
Lease Receivable
Recovery
Lease Receivable
Jan. 1, 2014 $38,000,000
Dec. 31, 2014 $5,766,425 $3,040,000 $2,726,425 35,273,575
Dec. 31, 2015 5,766,425 2,821,886 2,944,539 32,329,036
Annual Lease Rental = [$38,000,000 – ($9,000,000 x 0.54027)] : 5.74664 = $5,766,425
c) January 1, 2014
Lease receivable $38,000,000
Airplanes $38,000,000
December 31, 2014
Cash 5,766,425
Lease receivable 2,726,425
Interest revenue 3,040,000
December 31, 2015
Cash 5,766,425
Lease receivable 2,944,539
Interest revenue 2,821,886
SOLUTION 2
A1) The nature of this lease in relation to the lessor is sales type lease, because there is difference
between cost of manufacturing machine and normal selling price.
Fair Value of Machine $411,324.00
Less: PV guaranteed residual value 5,783.15
Recovery $405,540.85
Minimum Lease Payment =
[ (
( )
)]
( )
= $59,999.91 $60,000/year
Anuity due (pembayaran di awal tahun)
A2) Lessee → non cancelable; guaranteed residual value.
The nature of the lease for the lessee is finance lease.
Lease term =
PV MLP = of FV leased asset](https://image.slidesharecdn.com/46ee8084-3256-43c0-916a-4ffc04b9cb4f-161104090031/85/solutions-financial-accounting-leasing-1-320.jpg)
![JAWABAN ASISTENSI PERTEMUAN 9
LEASING
FK
B1) Lease receivable = * ((
( )
) ( ))+ [ ( )
]
= $411,324
B2) Sales price = $411,324
B3) Cost of sales = $250,000
B4) Lease liability = $60,000/year → initial obligation.
C1) Lessor
C2) Lessee
Date
Annual Lease
Payment plus
Residual Value
Executory
Cost
Interest (10%) on
Lease Receivable
Lease Receivable
Recovery
Lease Receivable
01/01/2012 $411.324
01/01/2012 $60.000 - $0 $60.000 $351.324
01/01/2013 $60.000 $35.132 $24.868 $326.456
01/01/2014 $60.000 $32.646 $27.354 $299.102
01/01/2015 $60.000 $29.910 $30.090 $269.012
01/01/2016 $60.000 $26.901 $33.099 $235.913
01/01/2017 $60.000 $23.591 $36.409 $199.505
01/01/2018 $60.000 $19.950 $40.050 $159.455
01/01/2019 $60.000 $15.946 $44.054 $115.401
01/01/2020 $60.000 $11.540 $48.460 $66.941
01/01/2021 $60.000 $6.694 $53.306 $13.635
31/12/2021 $15.000 $1.365 $13.635 $0
$615.000 $203.676 $411.324
PT AAA
LEASE AMORTIZATION SCHEDULE
ANNUITY DUE BASIS, GUARANTEED OR UNGUARANTEED RESIDUAL VALUE](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Solutions Financial Accounting - Leasing
- 1. JAWABAN ASISTENSI PERTEMUAN 9 LEASING FK SOLUTION 1 a) The lease is a direct-financing type lease from the lessor’s point of view or a finance lease from the lessee’s point of view. The lease contains a bargain purchase option which satisfies one of the criteria for classification as a direct-financing lease. The option to buy for $9,000,000 at the termination of the lease when the asset is expected to have a fair value of $15,000,000 constitutes a bargain purchase option. b) Lessor’s Lease Amortization Schedule Date Annual Lease Rental Interest on Lease Receivable Lease Receivable Recovery Lease Receivable Jan. 1, 2014 $38,000,000 Dec. 31, 2014 $5,766,425 $3,040,000 $2,726,425 35,273,575 Dec. 31, 2015 5,766,425 2,821,886 2,944,539 32,329,036 Annual Lease Rental = [$38,000,000 – ($9,000,000 x 0.54027)] : 5.74664 = $5,766,425 c) January 1, 2014 Lease receivable $38,000,000 Airplanes $38,000,000 December 31, 2014 Cash 5,766,425 Lease receivable 2,726,425 Interest revenue 3,040,000 December 31, 2015 Cash 5,766,425 Lease receivable 2,944,539 Interest revenue 2,821,886 SOLUTION 2 A1) The nature of this lease in relation to the lessor is sales type lease, because there is difference between cost of manufacturing machine and normal selling price. Fair Value of Machine $411,324.00 Less: PV guaranteed residual value 5,783.15 Recovery $405,540.85 Minimum Lease Payment = [ ( ( ) )] ( ) = $59,999.91 $60,000/year Anuity due (pembayaran di awal tahun) A2) Lessee → non cancelable; guaranteed residual value. The nature of the lease for the lessee is finance lease. Lease term = PV MLP = of FV leased asset
- 2. JAWABAN ASISTENSI PERTEMUAN 9 LEASING FK B1) Lease receivable = * (( ( ) ) ( ))+ [ ( ) ] = $411,324 B2) Sales price = $411,324 B3) Cost of sales = $250,000 B4) Lease liability = $60,000/year → initial obligation. C1) Lessor C2) Lessee Date Annual Lease Payment plus Residual Value Executory Cost Interest (10%) on Lease Receivable Lease Receivable Recovery Lease Receivable 01/01/2012 $411.324 01/01/2012 $60.000 - $0 $60.000 $351.324 01/01/2013 $60.000 $35.132 $24.868 $326.456 01/01/2014 $60.000 $32.646 $27.354 $299.102 01/01/2015 $60.000 $29.910 $30.090 $269.012 01/01/2016 $60.000 $26.901 $33.099 $235.913 01/01/2017 $60.000 $23.591 $36.409 $199.505 01/01/2018 $60.000 $19.950 $40.050 $159.455 01/01/2019 $60.000 $15.946 $44.054 $115.401 01/01/2020 $60.000 $11.540 $48.460 $66.941 01/01/2021 $60.000 $6.694 $53.306 $13.635 31/12/2021 $15.000 $1.365 $13.635 $0 $615.000 $203.676 $411.324 PT AAA LEASE AMORTIZATION SCHEDULE ANNUITY DUE BASIS, GUARANTEED OR UNGUARANTEED RESIDUAL VALUE
- 3. JAWABAN ASISTENSI PERTEMUAN 9 LEASING FK D) Journal Lessor (sales type): COGS $250,000 Lease receivable 411,324 Sales revenue $411,324 Inventory 250,000 Cash 60,000 Lease receivable 60,000 Initial Direct Cost 14,000 Cash 14,000 Interest receivable 35,132 Interest revenue 35,132 Journal Lessee (finance lease): Lease equipment under Finance Lease $411,324 Lease liability $411,324 Lease liability 60,000 Cash 60,000 Interest expense 35,132 Interest payable 35,132 Date Annual Lease Payment plus Residual Value Executory Cost Interest (10%) on Lease Liability Reduction on Lease Liability Lease Liability 01/01/2012 $411.324 01/01/2012 $60.000 - $0 $60.000 $351.324 01/01/2013 $60.000 $35.132 $24.868 $326.456 01/01/2014 $60.000 $32.646 $27.354 $299.102 01/01/2015 $60.000 $29.910 $30.090 $269.012 01/01/2016 $60.000 $26.901 $33.099 $235.913 01/01/2017 $60.000 $23.591 $36.409 $199.505 01/01/2018 $60.000 $19.950 $40.050 $159.455 01/01/2019 $60.000 $15.946 $44.054 $115.401 01/01/2020 $60.000 $11.540 $48.460 $66.941 01/01/2021 $60.000 $6.694 $53.306 $13.635 31/12/2021 $15.000 $1.365 $13.635 $0 $615.000 $203.676 $411.324 PT BBB LEASE AMORTIZATION SCHEDULE ANNUITY DUE BASIS, GUARANTEED RESIDUAL VALUE