SOAL ASISTENSI AKUNTANSI KEUANGAN 2

LEASING

Dosen: Ibu Dini Marina | Asdos: Fabiola Kristi | Pertemuan 9 | Page 1

UNIVERSITAS INDONESIA

FAKULTAS EKONOMI DEPARTEMEN AKUNTANSI

PROBLEM 1

AB Inc. enters into a lease agreement as lessor on January 1, 2014, to lease an airplane to GK Airlines.

The term of the noncancelable lease is eight years and payments are required at the end of each year.

Factor for PV (14,8%) is 0.54027. The following information relates to this agreement:

GK Airlines has the option to purchase the airplane for $9,000,000 when the lease expires at

which time the fair value is expected to be $15,000,000.

The airplane has a cost of $38,000,000 to AB, an estimated useful life of 14 years, and a salvage

value of zero at the end of that time (due to technological obsolence).

GK Airlines will pay all executory costs related to the leased airplane.

Annual year-end lease payments of $5,766,425 allow AB to earn an 8% return on its investment.

Instructions:

a) What type of lease is this? Explain!

b) Prepare a lease amortization schedule for the lessor for the first two years (2014-2015).

c) Prepare the journal entries on the books of the lessor to record the lease agreement, to reflect

payments received under the lease, and to recognize income, for the years 2014 and 2015.

PROBLEM 2

PT AAA manufactures an machine, estimated life of 12 years and leases it to PT BBB for 10 years.

Normal selling price of machine is $411,324, and its guaranteed residual value at the end of non-

cancelable lease term is estimated to be $15,000. PT BBB will pay rents of $60,000 at the beginning

of each year and all maintenance, insurance, and taxes. PT AAA incurred costs of $250,000 in

manufacturing the machine and $14,000 in negotiating and closing the lease. Implicit interest rate is

10%. Incremental bottowing rate is 10%.

Instructions:

a) What is the nature of this lease in relation to the (1) lessor; (2) lessee.

b) Compute the amount of each of the following items: (1) lease receivable; (2) sales price; (3) cost

of sales; (4) initial obligation (lease liability).

c) Prepare a 10-year lease amortization schedule for: (1) lessor; (2) lessee.

d) Prepare all journal entries needed for the first year only for: (1) lessor; (2) lessee.

HOMEWORK

On Jan. 1, 2013, ABC Co. leased a building to DEF Inc. The relevant information related to the lease

is as follows: (1) the lease agreement is for 10 years; (2) the leased building cost $3,600,000 and was

purchased for cash at Jan. 1, 2013; (3) the building is depreciated on straight line (useful life: 50 years,

no residual value); (4) lease payments are $220,000 per year and are made at the end of the year; (5)

property tax expense of $85,000 and insurance expense $10,000 on the building were incurred by

ABC in the first year. Payment was made at the end of the year.

Instruction: Prepare the journal entries that ABC and DEF should make in 2013.