Exercise 21-8 (Part Level Submission) The following factspertain to a noncancelable lease agreement between Windsor LeasingCompany and Sheridan Company, a lessee.
Inception date: May 1, 2017 Annual lease payment due at thebeginning of each year, beginning with May 1, 2017 $21,737.01Bargain-purchase option price at end of lease term $3,800 Leaseterm 5 years Economic life of leased equipment 10 years Lessor’scost $68,000 Fair value of asset at May 1, 2017 $93,000 Lessor’simplicit rate 10 % Lessee’s incremental borrowing rate 10 % Thecollectibility of the lease payments is reasonably predictable, andthere are no important uncertainties surrounding the costs yet tobe incurred by the lessor. The lessee assumes responsibility forall executory costs. Click here to view factor tables Collapsequestion part (c)
Prepare a lease amortization schedule for Sheridan Company forthe 5-year lease term. (Round present value factor calculations to5 decimal places, e.g. 1.25125 and Round answers to 2 decimalplaces, e.g. 15.25.)
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