Business, 01.10.2019 03:20 dmgcity

On january 1, 2018, rick’s pawn shop leased a truck from chumley motors for a five-year period with an option to extend the lease for three years. rick’s had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. annual lease payments are $15,500 due on december 31 of each year, calculated by the lessor using a 5% interest rate. the agreement is considered an operating lease. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) required: 1. prepare rick’s journal entry to record for the right-of-use asset and lease liability at january 1, 2018. 2. prepare the journal entries to record interest and amortization at december 31, 2018.

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On january 1, 2018, rick’s pawn shop leased a truck from chumley motors for a five-year period with...

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