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Exercise 15-24(Algo) Calculation of annual lease payments; residual value [LO15-2,15-6] Each of the four...

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Accounting

Exercise $15 - 24 ($ Algo $)$ Calculation of annual lease payments; residual value $[$ LO $15 - 2, 15 - 6]$

Each of the four independent situations below describes a finance lease in which annual lease payments are payable at the beginning of each year. The lessee is aware of the lessor's implicit rate of return.

Note: Use tables, Excel, or a financial calculator. $($ FV of $ $1,$ PV of $ $1,$ FVA of $ $1,$ PVA of $ $1,$ FVAD of $ $1$ and PVAD of $ $1)$

Required:

a $.$ & b $.$ Determine the amount of the annual lease payments as calculated by the lessor and the amount the lessee would record as a right $-$ of $-$ use asset and a lease liability, for each of the above situations.

Note: Round your answers to the nearest whole dollar amount:

$\$ table $[[,$ Lease Payments, $\$ table $[[$ Residual Value $], [$ Guarantee $]], \$ table $[[$ PV of Lease $], [$ Payments $]], \$ table $[[$ PV of Residual $], [$ Value Guarantee $]], \$ table $[[$ Right $-$ of $-$ use $], [$ Asset $/$ Lease $], [$ Liability $]],], [$ Situation $1,,$ $ $,,,$ $ $,], [$ Situation $2,,$ $ $, 0,,,], [$ Situation $3,,$ $ $, 0,,$ $ $,], [$ Situation $4,,$ $ $, 5, 000,,,]]$

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