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E21-8 the following facts pertain to a noncancelable lease agreement

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E21-8 the following facts pertain to a noncancelable lease agreement E21-8 The following facts pertain to a noncancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee. Inception date:                                                                         May 1, 2014 Annual lease payment due at the beginning of    each year, beginning with May 1, 2014                    $21,227.60 Bargain-purchase option price at end of lease term     $4,000 Lease term                                                                   5          years Economic life of leased equipment                             10        years Lessor’s cost                                                                $65,000 Fair value of asset at May 1, 2014                               $91,000 Lessor’s implicit rate                                                    10% Lessee’s incremental borrowing rate                            10% The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs.   Prepare a lease amortization schedule for Rode Company for the 5-year lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25125 and Round answers to 2 decimal places, e.g. 15.25.) RODE COMPANY (Lessee)Lease Amortization Schedule Date   Annual Lease Payment PlusBPO   Interest onLiability   Reduction of LeaseLiability   Lease Liability 5/1/14               $ 5/1/14   $   $   $     5/1/15                 5/1/16                 5/1/17                 5/1/18                 4/30/19                     $   $   $        

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