TUGAS AKM III WEEK 2
KELAS L
Kelompok A
1. M. Ali Imron 041711333046
2. Aubrey Fiorentia Hokgiono 041911333014
3. Salsabila Santosa 041911333027
4. Ribka Christy Julianova 041911333047
5. Rifda Amalia 041911333165
6. Rafika Alifiyah 041911333206
E21.4
a.
• PV of Periodic Rental Payments = 71,830 x 7.24689 = 520,544
• PV of Amount probable to be owed on Residual Value Guarantee
= (10,000 – 7,000) x 0.46319 = 1,390
• Lease Liability = 520,544 + 1,390 = 521, 934
Journal for December 31, 2021:
521,934
Right-of-Use Asset
Lease Liability 521, 934
December 31, 2022 :
Depreciation Expense
52,193
Right-of-Use Asset 52,193
December 31, 2023:
Depreciation Expense 52,193
Right-of-Use Asset 52,193
Interest Expense 38,367
Cash 38,367
b. Direct Costs and Lease Incentives don’t affect the lease liability, but affect the Right-
of-Use
c. - Right-of-Use Asset = 521,934 – 1,000 + 5,000 = 525,934
- PV of Periodic Rental Payments = 71,830 x 7.24689 = 520,244
- PV of Periodic Insurance Payments = 5,000 x 7.24689 = 36,234
- PV of Amount probable to be owed on Residual Value Guarantee
= (10,000 – 7,000) x 0.46319 = 1,390
Lease Liability = 520,544 + 36,234 + 1,390 = 588,168
d. Lease Liability 3,000
Gain on Lease 3,000
E 21.16
a. PV of periodic rental payments = Annual rental payment x PV of Annuity-due
= €4,892 x 3.72325
= €18,214
DONAHUE SA
Lease Amortization Schedule
Annuity-Due Basis
Reduction
Annual Interest (5%) Lease
Date of Lease
Payment on Liability Liability
Liability
1/1/22 €18,214
1/1/22 €4,892 € 0 €4,892 13,322
1/1/23 4,892 666 4,226 9,096
1/1/24 4,892 455 4,437 4,659
1/1/25 4,892 233 4,659 0
b.
January 1, 2022
Right-of-Use-Asset 18,214
Lease Liability 18,214
Lease Liability 4,892
Cash 4,892
December 31, 2022
Interest Expense 666
Lease Liability 666
Depreciation Expense 4,554
Right-of-Use-Asset 4,554
January 1,2023
Lease Liability 4,892
Cash 4,892
December 31,2023
Interest Expense 455
Lease Liability 455
Depreciation Expense 4,554
Right-of-Use-Asset 4,554
c. Right-of-use-asset = Initial measuremet of lease liability + Initial direct costs
= €18,214 + €750
= €18,964
January 1, 2022
Right-of-Use-Asset 18,964
Cash 750
Lease Liability 18,214
Lease Liability 4,892
Cash 4,892
December 31, 2022
Interest Expense 666
Lease Liability 666
Depreciation Expense 4,741
Right-of-Use-Asset 4,741
d. With fully guaranteed residual value by Donahue the initial measurement of the right-of-
use asset and lease liability would not change, as the company expects the residual value
to be equal to the guaranteed residual value. Therefore, no amount is probable to be owed
under the guarantee, and no amount needs to be accounted for in the initial lease liability
by Donahue.
e. A bargain renewal option would cause Donahue to take the additional year (and payment)
into account when determining how to classify the lease and the initial measurement of
the lease liability and right-of-use asset. The difference is the present value of the bargain
renewal option must be included in the initial measurement of the lease liability, as it is
probable that it will be paid.
E21.17
a. Explain (and show calculations) how Rauch arrived at the amount of the rental payments used
in the lease agreement.
→ Dalam menentukan pembayaran sewa (rental payments) dilakukan oleh Rauch
(Lessor). Lessor akan mencatat pembiayaan sewa dengan mengeliminasi aset dan mencatat
piutang sewa (Lease Receivable) yang sama dengan present value pembayaran sewa.
Lessor kemudian mengakui pendapatan bunga atas piutang sewa selama masa sewa dengan
menggunakan metode bunga-efektif.
Berdasarkan metode operasi, lessor tetap mengakui aset tersebut pada laporan
posisi keuangan dan mencatat pendapatan sewa dalam jumlah yang sama (metode garis
lurus) di setiap periode. Lessor umumnya mendepresiasi aset sewaan dengan menggunakan
metode garis lurus
b. Prepare the entries for Rauch for 2019
Date Account Titles Debit Credit
1/1/19 Cash $4,892
Unearned Lease Revenue $4.892
12/31/19 Unearned Lease Revenue $4,892
Lease Revenue $4,892
(to record the recognition of the
revenue)
12/31/19 Depreciation Expense $3,333
Accumulated Dep-Equipment $3,333
(to record depreciation expense on the
leased equipment)
- Accumulated Depreciation-Equipment = $20,000/6 = $3,333
c. Suppose that instead of $8,250, Rauch expects the residual value at the end of the lease to be
$5,000, but Donahue agrees to guarantee a residual value of $8,250. All other facts being equal,
how would Rauch change the amount of the annual rental payments, if at all?
→ Jika properti disewakan diharapkan memiliki nilai residu, maka diperlakukan
dalam akun yang sama seperti akun pembelian. Jadi, tidak perlu dikurangi dengan present
value nilai sisa dan lessor diharapkan memiliki aset yang nilainya sama dengan jumlah
nilai residu pada akhir masa sewa.
d. Explain how a fully guaranteed residual value by Donahue would change the accounting for
Rauch, the lessor.
→ Nilai sisa yang dijamin sepenuhnya oleh Donahue akan mengubah akuntansi untuk
Rauch (lessor). Untuk Rauch, dengan ada atau tidaknya penjaminan atas residu nilai tidak
memengaruhi pembayaran lease. Tetapi, jika Donahue tidak menjamin nilai residu apabila
pada akhir periode jika nilai wajar di bawah nilai residu maka Rauch akan mengalami loss
on lease.
e. Explain how a bargain renewal option for one extra year at the end of the lease term would
change the accounting of the lease for Rauch, the lessor.
→ Opsi pembaruan dengan harga murah adalah klausul dalam kontrak sewa yang
memberi lessee opsi perpanjangan masa sewa dengan harga yang jauh lebih rendah
daripada harga pasar yang berlaku. Adanya klausul ini dalam kontrak sewa kemungkinan
besar akan mengimplikasikan bahwa sewa akan berubah menjadi sewa pembiayaan
daripada sewa operasi.
P 21.6
a. Because the lease term is longer than 75% of the economic life of the asset and the
present value of the minimum lease payment is more than 90% of the fair value of the
asset it is a Capital lease to the lessee. Assuming collectibility of the rents is reasonable
assures and no important uncertainties surround the amounts of the lease is a direct
financing lease to the lessor. The accounting method that each party should apply, the
leasee should adopt the capital lease method and record the leased asset and lease liability
at the present value of the minimum lease payments using the lessees incremental
borrowing rate or the interest rate implicit in the lease if it islower than the incremental
rate and is known to the leasee. The leasee depreciation depends on whether ownership
transfer to the leasee or if there is a bargain purchase option The lessor should adopt the
direct financing lease method.
b. Annual Rental Payment = $700,000 – ( $50,000 x 0.71068 ) / 6.07569
= $664,466 / 6.07569
= $109,365
c. Value of lease liability = $109,365x 5.91732
= $647,148
d. January 1, 2022:
Right-of-Use Asset $647,148
Lease Liability $647,148
Lease Liability $109,365
Cash $109,365
December 31, 2022:
Depreciation Expense $92,450
Right-of-Use Asset $92,450
Interest Expense 32,267
Lease Liability $32,267
January 1, 2023
Lease Liability $109,365
Cash $109,365
December 31, 2023:
Depreciation Expense $92,450
Right-of-Use Asset $92,450
Interest Expense $27,641
Lease Liability $27,641
e. January 1, 2022:
Lease Receivable $700,000
Cost of Goods Sold $525,000
Sales Revenue $700,000
Inventory $525,000
Cash $109,365
Lease Receivable $109,365
December 31, 2022:
Lease Receivable $29,532
Interest Revenue $29,532
January 1, 2023:
Cash $109,365
Lease Receivable $109,365
December 31, 2023:
Lease Receivable $25,540
Interest Revenue $25,540
f. Lease Liability = PV of Annual Payments + PV of Amount Probable to be owed
= (700,000 x 5.91732) + ((50,000 - 40,000) x 0.66506)
= 647,148 + 6,651
= 653,799
Using Your Judgement
1. Financial Reporting Problem
(a) M&S uses both finance leases and operating leases.
(b) M&S reported finance leases of £83.5 million in total, and £11.6 million
for less than 1 year.
(c) M&S disclosed future minimum rentals (in millions) under non-cancelable
operating lease agreements as of 29 March 2008, of:
Not later than one year.................................... £ 17.9
Later than one year and
not later than five years................................ 90.4
Later than five years and
not later than 25 years.................................. 2,223.6
Later than 25 years .......................................... 1,492.4
Total.................................................................. £3,824.3
2. Comparative Analysis Case
(a) Air France uses both finance leases and operating leases on its aircraft, buildings, and other
property, plant, and equipment.
(b) Some of Air France’s leases are longer than five years. Some characteristics of the leases are
the assets held under a finance lease are recognized as assets at the lower of the following
two values: the present value of the minimum lease payments under the lease arrangement
or their fair value determined at inception of the lease. The corresponding obligation to the
lessor is accounted for as long-term debt. These assets are depreciated over the shorter of the
useful life of the assets and the lease term when there is no reasonable certainty that the
lessee will obtain ownership by the end of the lease term.
(c) Future minimum commitments under non-cancelable leases are set forth below (in millions):
Finance Operating
One year ............................................ € 669 € 992
Two years .......................................... 634 904
Three years........................................ 644 733
Four years ......................................... 412 665
Five years .......................................... 469 589
Over 5 years ...................................... 1,967 1,501
€4,795 €5,384
(d) At year-end 2009, the present value of minimum lease payments under capital leases was
€3,893 million. Imputed interest deducted from the future minimum annual rental
commitments was €902 million.
(e) The details of rental expense (in millions) are set forth below:
2009 2008
€646 €611
(f) British Airways uses leases for its aircraft fleet and property and equipment, while Air
France uses leases for its aircraft, buildings, and other property, plant, and equipment. Both
companies have leases that extend beyond five years, while some of British Airways leases
extend up to 150 years. Air France did not give a definite length for the leases that extend
beyond five years. In general, the two companies rely on both finance and operating leases
for its aircrafts and they have lease commitments for more than five years into the future.
