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A Note on Comdisco_s Lease Accounting

A Note on Comdisco_s Lease Accounting

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Published by Hussain Haidry

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Published by: Hussain Haidry on Dec 10, 2011
Copyright:Attribution Non-commercial

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07/02/2013

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A Note on Comdisco’s Lease Accounting
 
 
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Accounting for Equipment Acquisition
 Accounting for purchases
 Accounting for operating leases
 Accounting for capital lease
Year LeaseRentalsPV of LeaseRentalsBeginning Balanceof Capital LeaseObligationsInetrestExpenses @10%Payment of Capital LeaseObligationsEnding Balance of Capital LeaseObligations
1 100 90.91 379.08 37.91 62.09 316.992 100 82.64 316.99 31.70 68.30 248.693 100 75.13 248.69 24.87 75.13 173.554 100 68.30 173.55 17.36 82.64 90.915 100 62.09 90.91 9.09 90.91 0.00
 
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Accounting in Lessor BooksOperating Lease
Lease signed
Dr: Leased computer equipment $400
Cr: Inventory of computer equipment: $400
Lease payment is received each year 
Dr: Cash $100
Cr: Rental revenue $100
Depreciation expense
Dr: Depreciation $50
Cr: Accumulated Depreciation: $50

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