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You have the following lease schedule Lease schedule 8% interest rate...

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Finance

You have the following lease schedule

Lease schedule

8% interest rate

Payment PV Factor PV

Year 1: $ 57,455 0.926 $53,199

Year 2: $ 59,000 0.857 $50,583

Year 3: $ 62,000 0.794 $49,218

$ 178,455 $153,000

1. If this schedule represented a financial lease what would be the expenses recorded in Year 2 ?

2. If this schedule represented an operating lease what would be the expense recorded in year 3?

3. If this schedule represented an operating lease what would be the end of year one lease liability balance?

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