PROBLEM 21-8(a) The $550,000 is the

PROBLEM 21-8


(a) The $550,000 is the present value of the five annual lease payments of $137,899 less the $6,000 attributable to the payment for taxes, insurance, and maintenance. In other words, it is the present value of five $131,899 payments to be made at the beginning of each year discounted at 10%, (the implicit or incremental rates since the lessee knows the implicit rate). The cost of taxes, insurance, and maintenance represents periodic services to be performed in the future by the lessor and should not be capitalized. The amount capitalized represents the completed service element by the lessor company in that it has made the property available; the taxes, insurance, and maintenance represent the uncompleted, unrendered services of the lessor.

(b) Leased Equipment Under Finance Leases 550,000
Lease Liability 550,000
($131,899 X Annuity Due Factor for
5 years at 10% = $131,899 X 4.16986 =
$550,000)

Taxes, Insurance, and Maintenance Expense 6,000
Lease Liability 131,899
Cash 137,899

(c) Depreciation Expense 220,000
Accumulated Depreciation—Finance
Leases 220,000
($550,000 X 40% = $220,000)

(d) Interest Expense 41,810
Interest Payable 41,810
 (See amortization schedule)

(e) Taxes, Insurance, and Maintenance Expense 6,000
Interest Payable 41,810
Lease Liability 90,089
Cash 137,899


PROBLEM 21-8 (Continued)

CAGE COMPANY (Lessee)
Lease Amortization Schedule




Date Annual Lease Payment
Interest (10%) on Liability Reduction of Lease Liability
Lease Liability
1/1/11 $550,000
1/1/11 $131,899 $131,899 418,101
1/1/12 131,899 $41,810 90,089 328,012
1/1/13 131,899 32,801 99,098 228,914


(f) CAGE COMPANY
Statement of Financial Position
December 31, 2011


Assets Liabilities
Property, plant, and equipment: Non-current:
Leased property under
finance leases
$550,000
Lease liability $328,012
Less: Accumulated
depreciation
220,000 Current:
Interest payable 41,810
$330,000 Lease liability 90,089*

*See Lease Amortization Schedule in part (e) above.

Hasil (Bahasa Indonesia) 2:

MASALAH 21-8 (a) $ 550.000 adalah nilai sekarang dari lima pembayaran sewa tahunan $ 137.899 kurang $ 6,000 disebabkan pembayaran pajak, asuransi, dan pemeliharaan. Dengan kata lain, itu adalah nilai sekarang dari lima $ 131.899 pembayaran akan dilakukan pada awal setiap tahun diskon sebesar 10%, (tingkat implisit atau incremental sejak lessee tahu tingkat implisit). Biaya pajak, asuransi, dan pemeliharaan merupakan layanan periodik akan dilakukan di masa depan dengan lessor dan tidak boleh dikapitalisasi. Jumlah tersebut dikapitalisasi merupakan layanan unsur diselesaikan oleh perusahaan lessor dalam yang telah membuat properti yang tersedia; pajak, asuransi, dan pemeliharaan mewakili yang belum selesai, layanan unrendered dari lessor. (b) Sewa Alat bawah Keuangan Sewa 550.000 Sewa Kewajiban 550.000 ($ 131.899 X Anuitas Karena Faktor 5 tahun sebesar 10% = $ 131.899 X 4,16986 = $ 550.000) Pajak, Asuransi, dan Beban Pemeliharaan 6.000 Sewa Kewajiban 131.899 Kas 137.899 (c) Beban Depresiasi 220.000 Akumulasi Penyusutan-Keuangan Sewa 220.000 ($ 550.000 X 40% = $ 220.000) (d) Beban Bunga 41.810 Utang Bunga 41810  (Lihat jadwal amortisasi) (e) Pajak, Asuransi, dan Pemeliharaan Beban 6.000 Utang Bunga 41.810 Sewa Kewajiban 90.089 Kas 137.899 MASALAH 21-8 (Lanjutan) PERUSAHAAN CAGE (Lessee) Sewa Amortisasi Jadwal Tanggal Tahunan Sewa Pembayaran Bunga (10%) pada Pengurangan Kewajiban dari Lease Kewajiban Sewa Kewajiban 01/01 / 11 $ 550.000 1/1/11 $ 131.899 $ 131.899 418.101 1/1/12 131.899 $ 41.810 90.089 328.012 131.899 32.801 99.098 1/1/13 228.914 (f) PERUSAHAAN CAGE Pernyataan Posisi Keuangan 31 Desember 2011 Aset Kewajiban Properti, pabrik, dan peralatan: tidak lancar: Sewa properti di bawah pembiayaan sewa $ 550.000 kewajiban sewa $ 328.012 Dikurangi: Akumulasi penyusutan 220.000 sekarang: Hutang bunga 41.810 $ 330.000 Sewa kewajiban 90.089 * * Amortisasi Lihat Sewa Jadwal di bagian (e) di atas.