On December 31,2023, a day when the available interest rate was 9%, Valcent Products Inc....
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On December a day when the available interest rate was Valcent Products Inc. leased equipment with an sixyear life. The contract called for an $ annual lease payment at the end of each of the next five years, with the equipment becoming the property of the lessee at the end of that period. Use TABLE AUse appropriate factors from the tables provided. Required: Prepare entries to record. Valcent Products Inc. uses Accumulated depreciation account to account for depreciation expense. Do not round intermediate calculations. Round the final answers to the nearest whole dollar a the leasing of the equipment, b depreciation expense for assuming straightline and a zero residual value, c the December lease payment, including the recognition of interest expense on the lease liability on December Prepare an amortization schedule for the lease liability. Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.
On December a day when the available interest rate was Valcent Products Inc. leased equipment with an sixyear life. The contract called for an $ annual lease payment at the end of each of the next five years, with the equipment becoming the property of the lessee at the end of that period. Use TABLE AUse appropriate factors from the tables provided.
Required:
Prepare entries to record. Valcent Products Inc. uses Accumulated depreciation account to account for depreciation expense. Do not round intermediate calculations. Round the final answers to the nearest whole dollar
a the leasing of the equipment,
b depreciation expense for assuming straightline and a zero residual value,
c the December lease payment, including the recognition of interest expense on the lease liability on December
Prepare an amortization schedule for the lease liability. Do not round intermediate calculations. Round the final answers to the nearest whole dollar. Enter all the amounts as positive values.
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