Kelompok 6

 Adrian Pasha Ramadhani (1706620069)

 Ariana Aprilda Suwardi (1706620081)

 Aufantie Tiara Fauzi (1706620018)

 Fadisa Talitha Sahda (1706620065)

 Yasmin Safitri (1706620054)

 Yustina Ribka Manggaprouw (1706620017)

Mata Kuliah : Akuntansi keuangan Menengah 2

Tugas Chapter 21
P21.12 (LO 2, 3, 4) (Lessee-Lessor Entries, Statement of Financial Position Presentation,
Finance and Sales-Type Lease)

Winston Industries and Ewing SA enter into an agreement that requires Ewing to build three
dieselelectric engines to Winston’s specifications. Upon completion of the engines, Winston
has agreed to lease them for a period of 10 years and to assume all costs and risks of
ownership. The lease is non-cancelable, becomes effective on January 1, 2022, and requires
annual rental payments of €384,532 each January 1, starting January 1, 2022.

Winston’s incremental borrowing rate is 8%. The implicit interest rate used by Ewing and
known to Winston is 6%. The total cost of building the three engines is €2,600,000. The
economic life of the engines is estimated to be 10 years, with residual value set at zero.
Winston depreciates similar equipment on a straightline basis. At the end of the lease,
Winston assumes title to the engines. Collectibility of the lease payments is probable.

Instructions

a. Discuss the nature of this lease transaction from the viewpoint of the lessor.

b. Prepare the journal entry or entries to record the transaction on January 1, 2022, on the
books of Winston (the lessee).
 c. Prepare the journal entry or entries to record the transaction on January 1, 2022, on the
books of Ewing (the lessor).

d. Prepare the journal entries for both the lessee and lessor to record the first rental payment
on January 1, 2022.

e. Prepare the journal entries for both the lessee and lessor to record any entries needed in
connection with the lease at December 31, 2022. (Prepare a lease amortization schedule for 2
years.)

f. Show the items and amounts that would be reported on the statement of financial position
(not notes) at December 31, 2022, for both the lessee and the lessor.

g. Assume that Winston incurs legal fees related to the execution of the lease of €30,000. In
addition, assume Winston receives a lease incentive from Ewing of €50,000 to enter the
lease. How will this affect your answer to part (b)?

Answer:

a) Sifat transaksi sewa ini akan dianggap sebagai sewa modal (capital lease) untuk lessee
(penyewa) dan untuk lessor (pihak yang menyewakan) akan dianggap sebagai sewa jenis
penjualan (sale type lease), karena nilai wajar (fair value) aset sewa tidak asama dengan nilai
buku (booke value) aset.
b) Books Of Lessee

1 January 2022 Asset On lease € 3.000.000

Lease liability € 3.000.000
c) Books of Lessor

1 January 2022 Cost of Goods Sold € 2.600.000

Lease Receivable € 3.000.000
Sales Revenue € 3.000.000
Inventory € 2.600.000
d) Lessee

1 january 2022 Lease Liability € 384.532

 Cash € 384.532
Lessor

1 january 2022 Cash € 384.532

Lease Receivable € 384.532

e) Lease Amortization Schedule

Date Annual Lease Interest on Reduction in Lease

Receipt / Receivable / Receivable / Receivable/
payment Liability at 6% Liability Liability
1/1/22 € 3.000.000
1/1/22 € 384.532 € 0 € 384.532 € 2.615.468
1/1/23 € 384.532 € 156.928 € 227.604 € 2.387.864
1/1/24 € 384.532 € 143.272 € 241.260 € 2.146.604
Journal lessee:

31 Desember 2022 Interest Expense € 156.928

Lease Liability € 156.928
Depreciation Expense € 300.000
Right-of-use Asset € 300.000
Journal Lessor:

31 Desember 2022 Lease receivable € 156.928

Interest Revenue € 156.928

f)

Winson Industries
Statement of Financial Position
31 December 2022
Property, Plant, and Equipment Current Liabilities
 Leased property € 3.000.000 Interest payable € 156.928
under capital leases
Less accumulated € 300.000 Lease liability € 227.604
depreciation
€ 2.700.000 Long-Term Liabilities
Lease liability (see € 2.387.864
schedule)

g) The entry to initially record the lesse is as follow :

1 January 2022 Right of use Asset € 2.980.000
Cash € 20.000
Lease Liabilty (b) € 3.000.000