答案和详解如下： 1.A manufacturing firm has just signed an 8-year lease on a new machine as the lessor. §
Fair market value of the machine is $100,000. §
Lease payments are $18,000 per year, payable at the end of the year. §
The machine has no salvage value at the end of the lease term. §
The firm's incremental borrowing rate is 9.6%. What is the implicit interest rate in this lease? A) 9.6%. B) 12.4%. C) 12.8%. D) 8.9%. The correct answer was D) Using your calculator, enter: | PMT | PV | FV | n | CPT I/Y | $18,000 | -$100,000 | $0 | 8 | 8.8995 |
For a sales type lease the implicit interest rate is the rate that equates the present value of the minimum lease payments to the fair market value of the asset.
2.At the inception of the lease, the value the firm should report on its balance sheet is closest to:
A) $100,000. B) $97,440. C) $98,500. D) $106,140. The correct answer was A) The total lease liability is the present value of the lease payments discounted at the lower of the implicit lease rate and the company's incremental borrowing costs. Using your calculator, enter: | PMT | I/Y | FV | n | CPT PV | $18,000 | 8.9% | $0 | 8 | $99,998 |
3.When the first lease payment is made, what will be the amount of interest exposure? A) $0. B) $12,842. C) $9,887. D) $8,900. The correct answer was D) $100,000 x 0.089 = $8,900
4.A lessor will most likely record a lease as a sales-type lease when: A) it is a dealer or seller of the leased equipment and the lease is a capital lease. B) it is a dealer or seller of the leased equipment. C) it is a dealer or seller of the leased equipment, and the lease is an operating lease. D) the lease is an operating lease. The correct answer was A) If a lease is a capital lease and the lessor is the dealer or seller of the leased equipment, then the lease is a sales-type lease on the books of the lessor. This means that the implicit interest rate is such that the present value of the minimum lease payments is the selling price of the lease asset.
5.Assuming all other factors are constant, a sales-type lease will result in higher: A) cash flow from investing (CFI) as compared to a direct financing lease. B) interest revenue as compared to a direct financing lease. C) cash flow from operations (CFO) as compared to a direct financing lease. D) total cash flows. The correct answer was A) The sales-type lease has higher CFI (collection of lease receivable is considered a CFI) and lower CFO (interest revenue is considered a CFO) as compared to a direct financing lease. This results from the difference in the implicit rate among the two lease types. | 
发表于 2008-4-22 10:38
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