中級會計學(xué)intermediateaccountingchapter20賴紅寧課后答案

1、CHAPTER 20ACCOUNTING FOR LEASESCONTENT ANALYSIS OF EXERCISES AND PROBLEMSNumberContentTime Range(minutes)E20-1Operating Lease. Annual rental payments, no renewable option clause, executory costs. Lessee's journal entries to record agreement, payments, expenses. 5-10E20-2Capital Lease. Calculatio

2、n of rental payments made at end of year. Table summarizing lease payments, interest expense. Journal entries.10-15E20-3Capital Lease. Payments made at beginning of year. Table summarizing lease payments, interest expense. Journal entries.10-15E20-4Direct Financing Lease. Calculation of rental recei

3、pts, made at end of year. Table summarizing rental receipts, interest revenue. Journal entries.10-15E20-5Direct Financing Lease. Journal entries to record contract, first rental receipt. 5-10E20-6Direct Financing Lease / Capital Lease. Table summarizing lease and interest payments. Journal entries f

4、or lessor and lessee.10-15E20-7Sales-Type Lease. Payments made at end of year. Calculation of selling price (fair value). Table summarizing lease receipts, interest revenue. Journal entries.10-15E20-8Sales-Type Lease. Payments made at beginning of year. Calculation of selling price (fair value). Tab

5、le summarizing lease receipts, interest revenue. Journal entries.10-15E20-9Sales-Type Lease / Capital Lease. Computation of lease payments. Journal entries for lessor and lessee.10-15E20-10Operating Lease / Sales-Type Lease. Accounted for as operating, should have been sales-type. Computation of eff

6、ect on net income.10-20E20-11Operating Lease. Computation of income derived from lease by lessor, amount of rent expense for lessee.10-1578 / 78文檔可自由編輯打印NumberContentTime Range(minutes)E20-12Determining Type of Lease. Title passes at lease-end, collectibility reasonably assured, no uncertainties sur

7、rounding costs to be incurred. Table summarizing receipts, revenue. Lessor's journal entries.15-20E20-13(Appendix). Sales-Leaseback. Calculation of lease payments. Lessor's journal entries to record sale and agreement. Description of how to treat the gain by the lessee.15-20P20-1Determining

8、Type of Lease. No bargain purchase option, no agreement to transfer ownership at lease-end, no uncertainties surrounding costs to be incurred. Journal entries for lessee and lessor.15-25P20-2Determining Type of Lease. Lessor's viewpoint. Option to buy, collectibility reasonably assured, no uncer

9、tainties surrounding costs. Journal entries, disclosure requirements.25-35P20-3Capital Lease. Calculation of rental payments. Table summarizing lease payments, interest expense. Journal entries, partial balance sheet.30-45P20-4Direct Financing Lease. Table summarizing lease receipts, interest revenu

10、e. Explanation of lease classification. Journal entries. Partial balance sheets.35-50P20-5Comprehensive: Direct Financing and Capital Lease. Computation of rental amounts. Table summarizing lease and interest receipts. Analysis of lessee's lease classification. Journal entries for lessor and les

11、see. Comparative financial statement presentation.45-60P20-6Direct Financing Lease. Unguaranteed residual value. Computation of rental amounts. Table summarizing lease and interest receipts. Journal entries.30-40P20-7Sales-Type Lease. Calculation of implied selling price. Table summarizing lease rec

12、eipts, interest revenue. Explanation of lease classification. Journal entries, partial balance sheet.30-45P20-8Various Lease Issues. Journal entries for lessee and lessor to record all lease transactions.30-45P20-9Various Lease Issues. Computation of annual rentals if payable at beginning of year, a

13、t end of year. Table. Journal entries for lessee and lessor. Partial balance sheet disclosures.45-60P20-10Initial Direct Costs. Analysis for various lease classifications. Determination of lessor's lease classification. Discussion of lessor's journal entries.20-30NumberContentTime Range(minu

14、tes)P20-11Various Lease Issues. Classification of lease for lessee, for lessor. Option to buy, collectibility reasonably assured, no uncertainties. Lessor journal entries. Accounting for a change in residual value.30-45P20-12Accounting for Leases. Journal entries to record the lease for both the les

15、see and lessor.30-45P20-13(AICPA adapted). Lessor's Income Statement. Preparation of lessor's income statement, including sales-type and operating lease as well as long-term construction contracts.50-60P20-14(Appendix). Determining Types of Leases. For lessee, for lessor. Lease of land. No b

16、argain purchase option, collectibility reasonably assured, no uncertainties surrounding costs.10-20P20-15(Appendix). Sales-Leaseback. Classification of lease by lessee. Journal entries for both lessee and lessor.20-30ANSWERS TO QUESTIONSQ20-1FASB Statement No. 13 as Amended provides a common set of

17、criteria for determining the classification of leases by both the lessee and the lessor.Q20-2The advantages of leasing for the lessee include:1.Financing benefits:a.The lease provides 100% financing so that the lessee acquires the asset without having to make a down payment.b.The lease contract may

18、contain fewer restrictive provisions for financing.c.The leasing arrangement creates a claim that is against only the leased equipment and not against all assets.2.Risk benefit: The lease may reduce the risk of obsolescence and inadequacy for the lessee.3.Tax benefit: For income tax purposes, the le

19、ssee, through deduction of the lease payment, can write off the full cost of an asset.4.Financial reporting benefit: For operating leases, the lease does not add an asset or a liability to the lessee's balance sheet.5.Billing benefit: For certain contract-type work, leasing may permit higher cha

20、rges because interest on borrowed money to purchase assets is not usually allowed as a contract charge, whereas the interest element contained in the rental payments is allowed as a contract charge.Q20-3By structuring the terms of the lease so that it qualifies as an operating lease, the lessee avoi

21、ds having to include the asset and the liability in the balance sheet. Exclusion of these items creates more favorable financial ratios, such as rate of return on investment, the current ratio, and the ratio of debt to equity. This, in turn, may increase the borrowing capacity of the lessee. The les

22、see is practicing "off balance sheet financing." A capital lease, on the other hand, would appear in the financial statements and affect financial ratios. It may impede lessee borrowing efforts.Q20-4a.A lease is "an agreement conveying the right to use property, plant, or equipment (l

23、and and/or depreciable assets), usually for a stated period of time."b.A sales-type lease for the lessor is a lease that meets any one of the Column A criteria and both of the Column B criteria in Exhibit 20-2, and results in a manufacturer's or dealer's profit.c.A direct financing leas

24、e for the lessor is a lease that meets any one of the Column A criteria and both of the Column B criteria, and does not result in a manufacturer's or dealer's profit.d.A sale-leaseback transaction is a lease transaction in which the owner of an asset sells it, and then immediately leases it

25、back from the buyer.e.An operating lease for the lessee is a lease that meets none of the Column A criteria. For the lessor, it is a lease that meets none of the Column A criteria, and fails at least one of the Column B criteria.f.A leveraged lease is a three-party lease in which one party (the equi

26、ty participant) buys or manufactures an asset and leases it to another party (the asset user), with a third party (the debt participant) providing nonrecourse financing for the transaction.Q20-5a.Inception of lease is the date of the lease agreement or written commitment; or, if the leased property

27、is being constructed or acquired in the future, the date that the title passes to the lessor.b.Bargain purchase option is a provision allowing the lessee to purchase the leased property at the end of the life of the lease at a price so favorable that the exercise of the option appears, at the incept

28、ion of the lease, to be reasonably assured.c.Unguaranteed residual value is that portion of the estimated residual value of the leased property that is not guaranteed by the lessee or by a third party unrelated to the lessor.d.Implicit interest rate is the interest (discount) rate that, when applied

29、 on a present value basis to the sum of the minimum lease payments and any unguaranteed residual value accruing to the lessor, causes the resulting present value to be equal to the net investment of the leased property to the lessor.Q20-5 (continued)e.Initial direct costs are costs incurred by the l

30、essor to originate a lease that (1) result directly from and are essential to acquire that lease and (2) would not have been incurred had that leasing transaction not occurred. They also include certain costs directly related to specified activities performed by the lessor for that lease, such as ev

31、aluating the lessee's financial condition, negotiating lease terms, preparing and processing lease documents, and closing the transaction.Q20-6If there is a bargain purchase option, the components of the minimum lease payments are: (1) the minimum periodic rental payment required by the lease ov

32、er the lease term, and (2) the payment required by the bargain purchase option. Otherwise, they include (1) the minimum periodic rental payments plus (2) any guarantee by the lessee of the residual value, and (3) any payments upon failure to renew or extend the lease.Q20-7The criteria for a capital

33、lease are:1.Transfer of ownership at end of lease2.Bargain purchase option3.Lease term is 75% or more of the estimated economic life of the asset4.Present value of minimum lease payments is 90% or more of fair value of the leased property to the lessorOne (or more) of these criteria must be met for

34、the lessee to classify a lease as a capital lease.Q20-8Under an operating lease, the lessee records each rental payment as rent expense; no amount is capitalized. The lessor records each rental receipt as rent revenue. The leased asset is retained on the lessor's books and is depreciated by the

35、lessor.Q20-9Under a capital lease, the lessee records the present value of the minimum lease payments as both an asset and a liability. The lessee recognizes a portion of each payment as interest expense to produce a constant rate of interest on the book value at the beginning of the period, and rec

36、ognizes the remainder of the payment as a reduction of the lease obligation. The lessee amortizes the asset over the term of the lease, unless there is a bargain purchase option or transfer of ownership at the end of the lease, in which case the amortization period is the economic life of the asset.

37、Q20-10The two additional criteria for a sales-type lease are:1.Collectibility of the minimum lease payments is reasonably assured.2.No important uncertainties surround the amount of unreimbursable costs yet to be incurred by the lessor under the lease.In addition, the lease must result in a manufact

38、urer's or dealer's profit or loss.Q20-11The basic difference in accounting for a sales-type lease is that the carrying value of the asset is charged to cost of goods sold, and the present value of the minimum lease payments is recorded as the amount of the sale. In a direct financing lease,

39、no sales or cost of goods is recognized. Instead, the asset is removed from the books and the difference between its carrying value and the undiscounted minimum lease payments is recorded as unearned interest revenue. The net investment in a sales type lease is accounted for in a similar manner to t

40、hat for a direct financing lease.Q20-12The FASB states that the interest revenue from a lease is recognized so as to yield a constant return on net investment. Compound interest techniques can be used to compute this return if the following are known: (a) the amount of the lease payment, (b) th

41、e cost or fair value of the lease, and (c) the number of periods of the lease.Multiplying the interest rate by the amount of the net investment at the beginning of the year results in a constant return on investment.Q20-13Owens Company records the lease as a capital lease due to the bargain pur

42、chase option, and depreciates the asset over its estimated economic life.Q20-14The original lease was a capital lease and McFarland Company is relieved of its obligation. McFarland removes the equipment from its books, and recognizes the gain when the new lease transaction takes place, that is, duri

43、ng the current year.Q20-15a.Lessee's disclosure:1.For all leases, a general description of the leasing arrangement2.For operating leases having initial or remaining noncancellable lease terms in excess of one year:(a)Future minimum rental payments required as of the date of the latest balance sh

44、eet presented, in the aggregate and for each of the 5 succeeding fiscal years(b)The total of minimum rentals to be received in the future under noncancellable subleases as of the date of the latest balance sheet presented3.For all operating leases, rental expense for each period, with separate amoun

45、ts for minimum rentals, contingent rentals, and sublease rentals4.For capital leases:(a)The gross amount of assets recorded under capital leases as of the date of each balance sheet, presented by major classes according to nature or function(b)Future minimum lease payments as of the date of the late

46、st balance sheet presentedQ20-15 (continued)a.4. (continued)(c)The total of minimum sublease rentals to be received in the future under noncancellable subleases as of the date of the latest balance sheet presented(d)Total contingent rentals incurred for each period(e)Assets, accumulated amortization

47、, amortization expense, and liabilitiesb.Lessor's disclosure:1.A general description of all leasing arrangements2.For operating leases:(a)As of the date of the latest balance sheet presented, the cost and carrying amount, if different, of property on lease or held for leasing by major classes of

48、 property according to nature or function, and the amount of the total accumulated depreciation(b)Minimum future rentals on noncancellable leases as of the date of the latest balance sheet presented, in the aggregate and for each of the 5 succeeding fiscal years(c)Total contingent rentals included i

49、n income for each period3.For direct financing and sales-type leases:(a)The components of the net investment in direct financing and sales-type leases as of the date of each balance sheet presented(1)The future minimum lease payments to be received, with separate deductions for (a) amounts represent

50、ing executory costs, including any profit thereon, included in the minimum lease payments and (b) the accumulated allowance for uncollectible minimum lease payments receivable(2)The unguaranteed residual values accruing to the benefit of the lessor(3)For direct financing leases only, initial direct

51、costs(4)Unearned income(b)Future minimum lease payments to be received for each of the 5 succeeding fiscal years as of the date of the latest balance sheet presented(c)Total contingent rentals included in income for each periodQ20-16The primary accounting issue in accounting for a sales-leaseback tr

52、ansaction from the seller-lessee's viewpoint is the recognition of a profit or a loss on the sale. Any profit or loss is deferred and amortized in proportion to the amortization of the leased asset, if a capital lease, or in proportion to the rental payments, if an operating lease. If the fair v

53、alue of the property is less than its undepreciated cost at the time of the transaction, a loss is recognized immediately on the difference between the undepreciated cost and the fair value.Q20-17The fact that there are three or four parties (equity participant, asset user, debt participant, and als

54、o a manufacturer if the equity participant does not make the product) distinguishes a leveraged lease from other leases. For the lessee there are no new accounting issues. The lessee classifies and accounts for the lease as for a nonleveraged lease.ANSWERS TO CASESC20-11.Initial direct costs are cos

55、ts incurred by the lessor to originate a lease that (1) result directly from and are essential to acquire that lease and (2) would not have been incurred had that leasing transaction not occurred. They also include certain costs directly related to specified activities performed by the lessor for th

56、at lease, such as evaluating the lessee's financial condition, negotiating lease terms, preparing and processing lease documents, and closing the transaction.2.Accounting treatment of initial direct costsa.For an operating lease, the initial direct costs are recorded as a prepaid asset (if mater

57、ial in amount), and amortized as an operating expense over the term of the lease, to be matched against rental revenue.b.For a sales-type lease, the initial direct costs are added to the cost of the leased asset (less the present value of the unguaranteed residual value accruing to the benefit of the lessor) and are expensed in the period of the lease transaction.c.For a direct financing lease, the initial direct costs are deferred an