Business, 01.12.2021 22:20 Brightcord9679

High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2021. High Time has the option to renew the lease at the end of two years for an additional three years for $8,300 per quarter. Adventures purchased the equipment at a cost of $203,852. Related Information:
Lease term 2 years (8 quarterly periods)
Lease renewal option for an additional 3 years at $8,300 per quarter
Quarterly lease payments $15,300 at Jan. 1, 2021, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter.
Economic life of asset 5 years
Interest rate charged by the lessor 8%

Required:
Prepare appropriate entries for High Time Tours from the beginning of the lease through March 31, 2021. Appropriate adjusting entries are made quarterly.

Answers: 3

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High Time Tours leased rock-climbing equipment from Adventures Leasing on January 1, 2021. High Time...

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