答案和详解如下： 21.The Ewing Corporation has leased equipment for 10 years. Annual payments of $100,000 are required at the end of each year. This lease is classified as a capital lease. If the appropriate discount rate is 5 percent, what is the amount recorded as interest expense for the second year? A) $32,316. B) $35,539. C) $38,609. D) $50,000. The correct answer was B) The PV of the remaining lease payments at the beginning of year 2 is $710,782 (N=9, i=5%, PMT=$100,000, CPT PV) Interest expense = (0.05) $710,782 = $35,539
22.The Quinn Corporation has leased equipment for 10 years that requires annual payments of $100,000, paid at the end of each year. This lease is classified as a capital lease. If the appropriate discount rate is 5 percent, what is the amount recorded as a capital lease obligation at the end of the second year? A) $710,782. B) $772,173. C) $646,321. D) $800,000. The correct answer was C) Capital lease obligation = PV of lease obligation – loan amortized 1st year – loan amortized 2nd year Capital lease obligation = $772,173 – 61,391 – 64,461 = $646,321 Alternate computation: N=8, I/Y =5%, PMT=$100,000, CPT →PV=$646,321
23.For a given lease payment and term, which of the following is INCORRECT regarding the effects of the classification of the lease as a capital lease as compared to an operating lease? A) The asset turnover will be lower for a capital lease. B) The return on assets will be lower for a capital lease. C) The current ratio will be higher for a capital lease. D) The debt-to-equity ratio will be higher for a capital lease. The correct answer was C) The current ratio will be lower because the current portion of the capital lease increases current liabilities, hence reducing the current ratio.
24.The Latham Corporation entered into a lease for 5 years that requires payments of $10,000 per year. If the lease is classified as a capital lease, what is the amount recorded as debt for this lease at the end of one period if the appropriate discount rate is 10 percent? A) $30,326. B) $37,908. C) $40,000. D) $31,699. The correct answer was D) Capital lease obligation = PV of lease – first period's loan amortization (37908)(.1) = 3791 to interest 10,000 payment - 3791 interest = 6209 to principal Capital lease obligation after the first year = $37,908 – 6209 = $31,699 Alternate solution: N = 4, I/Y = 10%, PMT = $10,000, CPT
→
PV = $31,699
25.Assume the following capital lease: §
Present value (PV) of lease payments at 12 percent is $25,000. §
The leased asset is depreciated straight line over 6 years. §
The lease payment is $6,000. The first payment of $6,000 is to be paid at the end of the year. What is the second year's interest expense and principal payment?
| Interest Expense | Principal Payout |
A) $0 $6,000 B) $3,000 $3,000 C) $2,640 $3,360 D) $1,527 $4,473 The correct answer was C) Year 1 interest expense equals $3,000. Year 2 interest expense equals 12.00% times $22,000 equals $2,640. Year 2 principal payment equals $6,000 minus $2,640 equals $3,360. | 
发表于 2008-4-22 10:24
| 
