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Chapter 15 LEASES © 2013 The McGraw-Hill Companies, Inc. Accounting by the Lessor and Lessee A lease is an agreement in which the lessor conveys the right to use property, plant, or equipment, usually for a stated period of time, to the lessee. Lessee = Renter Lessee Operating lease Lessor = Owner of property Lessor Operating lease Capital lease Finance lease Direct finance lease Sales-type lease 15 - 2 Finance Leases and Installment Notes Compared Matrix acquires equipment from Apex by paying $193,878 every six months for the next three years. The interest rate associated with the agreement is 9%. Let’s look at the arrangement as an installment note payable and as a finance lease agreement. First, let’s prepare an amortization schedule for the payments. Effective Date Payment Interest Decrease in Balance Outstanding Balance Initial value . . . . . . . . . . . . . . . . . . . $ 1,000,000 1 $ 193,878 $ 2 193,878 3 193,878 4 193,878 5 193,878 6 193,878 45,000 $ 38,300 31,300 23,983 16,338 8,346 148,878 155,578 162,578 169,895 177,540 185,532 851,122 695,544 532,966 363,071 185,532 - 15 - 3 Inception of theAgreement At inception January 1 Installment Note Equipment Notes payable Finance Lease Leased Equipment Lease payable 1,000,000 1,000,000 1,000,000 1,000,000 15 - 4 Classification Operating Lease Criteria Finance Lease “transfers substantially all the risks and rewards of ownership of an asset to the lessee”: For example: 1.The agreement transfers ownership of the asset to the lessee by the end of the lease term. 2.The agreement contains a bargain purchase option. 3.The non-cancelable lease term forms a major part of the economic life of the asset. 15 - 5 ... - tailieumienphi.vn