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On January 1,2019 , the Okanagan Flight Institute, which reports its financial results in accordance...

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Accounting

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On January 1,2019 , the Okanagan Flight Institute, which reports its financial results in accordance with ASPE, entered into a contract to lease a flight simulator, details of which follow: Required: a) Evaluate this term from the perspective of Okanagan Flight Institute using the four primaryASPE criteria. Should it classify the lease as a finance lease or an operating lease? b) Using Excel, prepare an asset depreciation schedule that covers the useful life of the equipment using straight-line depreciation. c) Prepare a lease liability amortization schedule for the life of the lease using Excel. d) Prepare all journal entries for Okanagan Flight Institute related to the lease for its year ended December 31,2019 , including the entry at the inception of the lease, the lease payment, and any adjusting journal entries at year end. e) Prepare the journal entry to record the lease payment on January 1, 2020

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