AC 313 Excel Assignment #1 Spring 2018- Due March 6, 2018 Requirement: Use the f
ID: 2540645 • Letter: A
Question
AC 313 Excel Assignment #1 Spring 2018- Due March 6, 2018 Requirement: Use the following information to prepare a lease amortization schedule for the lessee, assuming that it is a capital lease. American Food Services, Inc., leased a packaging machine from Barton Corporation on January 1, 2018. The present value of the rent payments for the machine is $4,000,000, which will be paid in 48 equal monthly payments starting on January 1, 2018. There are no other payments stated in the lease agreement. An interest rate of 10% should be used to calculate the rent paymentsExplanation / Answer
No/Yr Date Payment Interest Principal Balance
Loan
01/01/2018
0.00
0.00
0.00
4,000,000.00
1:1
01/01/2018
100,611.90
0.00
100,611.90
3,899,388.10
2:1
02/01/2018
100,611.90
32,494.90
68,117.00
3,831,271.10
3:1
03/01/2018
100,611.90
31,927.26
68,684.64
3,762,586.46
4:1
04/01/2018
100,611.90
31,354.89
69,257.01
3,693,329.45
5:1
05/01/2018
100,611.90
30,777.75
69,834.15
3,623,495.30
6:1
06/01/2018
100,611.90
30,195.79
70,416.11
3,553,079.19
7:1
07/01/2018
100,611.90
29,608.99
71,002.91
3,482,076.28
8:1
08/01/2018
100,611.90
29,017.30
71,594.60
3,410,481.68
9:1
09/01/2018
100,611.90
28,420.68
72,191.22
3,338,290.46
10:1
10/01/2018
100,611.90
27,819.09
72,792.81
3,265,497.65
11:1
11/01/2018
100,611.90
27,212.48
73,399.42
3,192,098.23
12:1
12/01/2018
100,611.90
26,600.82
74,011.08
3,118,087.15
13:2
01/01/2019
100,611.90
25,984.06
74,627.84
3,043,459.31
14:2
02/01/2019
100,611.90
25,362.16
75,249.74
2,968,209.57
15:2
03/01/2019
100,611.90
24,735.08
75,876.82
2,892,332.75
16:2
04/01/2019
100,611.90
24,102.77
76,509.13
2,815,823.62
17:2
05/01/2019
100,611.90
23,465.20
77,146.70
2,738,676.92
18:2
06/01/2019
100,611.90
22,822.31
77,789.59
2,660,887.33
19:2
07/01/2019
100,611.90
22,174.06
78,437.84
2,582,449.49
20:2
08/01/2019
100,611.90
21,520.41
79,091.49
2,503,358.00
21:2
09/01/2019
100,611.90
20,861.32
79,750.58
2,423,607.42
22:2
10/01/2019
100,611.90
20,196.73
80,415.17
2,343,192.25
23:2
11/01/2019
100,611.90
19,526.60
81,085.30
2,262,106.95
24:2
12/01/2019
100,611.90
18,850.89
81,761.01
2,180,345.94
25:3
01/01/2020
100,611.90
18,169.55
82,442.35
2,097,903.59
26:3
02/01/2020
100,611.90
17,482.53
83,129.37
2,014,774.22
27:3
03/01/2020
100,611.90
16,789.79
83,822.11
1,930,952.11
28:3
04/01/2020
100,611.90
16,091.27
84,520.63
1,846,431.48
29:3
05/01/2020
100,611.90
15,386.93
85,224.97
1,761,206.51
30:3
06/01/2020
100,611.90
14,676.72
85,935.18
1,675,271.33
31:3
07/01/2020
100,611.90
13,960.59
86,651.31
1,588,620.02
32:3
08/01/2020
100,611.90
13,238.50
87,373.40
1,501,246.62
33:3
09/01/2020
100,611.90
12,510.39
88,101.51
1,413,145.11
34:3
10/01/2020
100,611.90
11,776.21
88,835.69
1,324,309.42
35:3
11/01/2020
100,611.90
11,035.91
89,575.99
1,234,733.43
36:3
12/01/2020
100,611.90
10,289.45
90,322.45
1,144,410.98
37:4
01/01/2021
100,611.90
9,536.76
91,075.14
1,053,335.84
38:4
02/01/2021
100,611.90
8,777.80
91,834.10
961,501.74
39:4
03/01/2021
100,611.90
8,012.51
92,599.39
868,902.35
40:4
04/01/2021
100,611.90
7,240.85
93,371.05
775,531.30
41:4
05/01/2021
100,611.90
6,462.76
94,149.14
681,382.16
42:4
06/01/2021
100,611.90
5,678.18
94,933.72
586,448.44
43:4
07/01/2021
100,611.90
4,887.07
95,724.83
490,723.61
44:4
08/01/2021
100,611.90
4,089.36
96,522.54
394,201.07
45:4
09/01/2021
100,611.90
3,285.01
97,326.89
296,874.18
46:4
10/01/2021
100,611.90
2,473.95
98,137.95
198,736.23
47:4
11/01/2021
100,611.90
1,656.14
98,955.76
99,780.47
48:4
12/01/2021
100,611.97
831.50
99,780.47
0.00
Loan
01/01/2018
0.00
0.00
0.00
4,000,000.00
1:1
01/01/2018
100,611.90
0.00
100,611.90
3,899,388.10
2:1
02/01/2018
100,611.90
32,494.90
68,117.00
3,831,271.10
3:1
03/01/2018
100,611.90
31,927.26
68,684.64
3,762,586.46
4:1
04/01/2018
100,611.90
31,354.89
69,257.01
3,693,329.45
5:1
05/01/2018
100,611.90
30,777.75
69,834.15
3,623,495.30
6:1
06/01/2018
100,611.90
30,195.79
70,416.11
3,553,079.19
7:1
07/01/2018
100,611.90
29,608.99
71,002.91
3,482,076.28
8:1
08/01/2018
100,611.90
29,017.30
71,594.60
3,410,481.68
9:1
09/01/2018
100,611.90
28,420.68
72,191.22
3,338,290.46
10:1
10/01/2018
100,611.90
27,819.09
72,792.81
3,265,497.65
11:1
11/01/2018
100,611.90
27,212.48
73,399.42
3,192,098.23
12:1
12/01/2018
100,611.90
26,600.82
74,011.08
3,118,087.15
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