On January 1, 2024, Robertson Construction leased several items of equipment under a two-year
operating lease agreement from Jamison Leasing, which routinely finances equipment for other
firms at an annual interest rate of 5%. The contract calls for four rent payments of $50,000 each,
payable semiannually on June 30 and December 31 each year. The equipment was acquired by
Jamison Leasing at a cost of $370,000 and was expected to have a useful life of 5 years with no
residual value. Both firms record amortization and depreciation semi-annually. Note: Use tables,
Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and
PVAD of $1) Required: Prepare the appropriate journal entries for the lessee from the beginning
of the lease through the end of 2024. Note: If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Round your intermediate and final answers
to the nearest whole dollar.
1. Record the beginning of the lease for Robertson.
2. Record the lease and interest payment for Robertson
3. Record the amortization of right-to-use asset for Robertson.
4. Record the lease and interest payment for Robertson
5. Record the amortization of right-to-use asset for Robertson..
Transaction Management in Database Management System
On January 1- 2024- Robertson Construction leased several items of equ.pdf
1. On January 1, 2024, Robertson Construction leased several items of equipment under a two-year
operating lease agreement from Jamison Leasing, which routinely finances equipment for other
firms at an annual interest rate of 5%. The contract calls for four rent payments of $50,000 each,
payable semiannually on June 30 and December 31 each year. The equipment was acquired by
Jamison Leasing at a cost of $370,000 and was expected to have a useful life of 5 years with no
residual value. Both firms record amortization and depreciation semi-annually. Note: Use tables,
Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and
PVAD of $1) Required: Prepare the appropriate journal entries for the lessee from the beginning
of the lease through the end of 2024. Note: If no entry is required for a transaction/event, select
"No journal entry required" in the first account field. Round your intermediate and final answers
to the nearest whole dollar.
1. Record the beginning of the lease for Robertson.
2. Record the lease and interest payment for Robertson
3. Record the amortization of right-to-use asset for Robertson.
4. Record the lease and interest payment for Robertson
5. Record the amortization of right-to-use asset for Robertson.
