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    Tugas AKM P21.12 - Kelompok 6

    Uploaded by

    Adrian Pasha
    The document discusses a lease agreement between Winston Industries and Ewing SA. Ewing will build three engines for Winston, which Winston will lease for 10 years. The key points are: - The lease is considered a capital lease for Winston and a sales-type lease for Ewing. - Journal entries are provided to record the transaction on January 1, 2022 for both parties. - An amortization schedule is included and entries for the first rental payment and year-end adjustments. - The statement of financial position at December 31, 2022 is shown for both parties. - Legal fees and a lease incentive affect the initial entry for Winston.

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    Tugas AKM P21.12 - Kelompok 6

    Uploaded by

    Adrian Pasha
    211 views4 pages
    The document discusses a lease agreement between Winston Industries and Ewing SA. Ewing will build three engines for Winston, which Winston will lease for 10 years. The key points are: - The lease is considered a capital lease for Winston and a sales-type lease for Ewing. - Journal entries are provided to record the transaction on January 1, 2022 for both parties. - An amortization schedule is included and entries for the first rental payment and year-end adjustments. - The statement of financial position at December 31, 2022 is shown for both parties. - Legal fees and a lease incentive affect the initial entry for Winston.

    Original Description:

    akuntansi keuangan menengah 2

    Original Title

    Tugas AKM P21.12_Kelompok 6 (1)

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    The document discusses a lease agreement between Winston Industries and Ewing SA. Ewing will build three engines for Winston, which Winston will lease for 10 years. The key points are: - The lease is considered a capital lease for Winston and a sales-type lease for Ewing. - Journal entries are provided to record the transaction on January 1, 2022 for both parties. - An amortization schedule is included and entries for the first rental payment and year-end adjustments. - The statement of financial position at December 31, 2022 is shown for both parties. - Legal fees and a lease incentive affect the initial entry for Winston.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    211 views4 pages

    Tugas AKM P21.12 - Kelompok 6

    Uploaded by

    Adrian Pasha
    The document discusses a lease agreement between Winston Industries and Ewing SA. Ewing will build three engines for Winston, which Winston will lease for 10 years. The key points are: - The lease is considered a capital lease for Winston and a sales-type lease for Ewing. - Journal entries are provided to record the transaction on January 1, 2022 for both parties. - An amortization schedule is included and entries for the first rental payment and year-end adjustments. - The statement of financial position at December 31, 2022 is shown for both parties. - Legal fees and a lease incentive affect the initial entry for Winston.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    Kelompok 6

     Adrian Pasha Ramadhani (1706620069)

     Ariana Aprilda Suwardi (1706620081)

     Aufantie Tiara Fauzi (1706620018)

     Fadisa Talitha Sahda (1706620065)

     Yasmin Safitri (1706620054)

     Yustina Ribka Manggaprouw (1706620017)


    Mata Kuliah : Akuntansi keuangan Menengah 2

    Tugas Chapter 21
    P21.12 (LO 2, 3, 4) (Lessee-Lessor Entries, Statement of Financial Position Presentation,
    Finance and Sales-Type Lease)

    Winston Industries and Ewing SA enter into an agreement that requires Ewing to build three
    dieselelectric engines to Winston’s specifications. Upon completion of the engines, Winston
    has agreed to lease them for a period of 10 years and to assume all costs and risks of
    ownership. The lease is non-cancelable, becomes effective on January 1, 2022, and requires
    annual rental payments of €384,532 each January 1, starting January 1, 2022.

    Winston’s incremental borrowing rate is 8%. The implicit interest rate used by Ewing and
    known to Winston is 6%. The total cost of building the three engines is €2,600,000. The
    economic life of the engines is estimated to be 10 years, with residual value set at zero.
    Winston depreciates similar equipment on a straightline basis. At the end of the lease,
    Winston assumes title to the engines. Collectibility of the lease payments is probable.

    Instructions

    a. Discuss the nature of this lease transaction from the viewpoint of the lessor.

    b. Prepare the journal entry or entries to record the transaction on January 1, 2022, on the
    books of Winston (the lessee).
    c. Prepare the journal entry or entries to record the transaction on January 1, 2022, on the
    books of Ewing (the lessor).

    d. Prepare the journal entries for both the lessee and lessor to record the first rental payment
    on January 1, 2022.

    e. Prepare the journal entries for both the lessee and lessor to record any entries needed in
    connection with the lease at December 31, 2022. (Prepare a lease amortization schedule for 2
    years.)

    f. Show the items and amounts that would be reported on the statement of financial position
    (not notes) at December 31, 2022, for both the lessee and the lessor.

    g. Assume that Winston incurs legal fees related to the execution of the lease of €30,000. In
    addition, assume Winston receives a lease incentive from Ewing of €50,000 to enter the
    lease. How will this affect your answer to part (b)?

    Answer:

    a) Sifat transaksi sewa ini akan dianggap sebagai sewa modal (capital lease) untuk lessee
    (penyewa) dan untuk lessor (pihak yang menyewakan) akan dianggap sebagai sewa jenis
    penjualan (sale type lease), karena nilai wajar (fair value) aset sewa tidak asama dengan nilai
    buku (booke value) aset.
    b) Books Of Lessee

    1 January 2022 Asset On lease € 3.000.000


    Lease liability € 3.000.000
    c) Books of Lessor

    1 January 2022 Cost of Goods Sold € 2.600.000


    Lease Receivable € 3.000.000
    Sales Revenue € 3.000.000
    Inventory € 2.600.000
    d) Lessee

    1 january 2022 Lease Liability € 384.532


    Cash € 384.532
    Lessor

    1 january 2022 Cash € 384.532


    Lease Receivable € 384.532

    e) Lease Amortization Schedule

    Date Annual Lease Interest on Reduction in Lease


    Receipt / Receivable / Receivable / Receivable/
    payment Liability at 6% Liability Liability
    1/1/22 € 3.000.000
    1/1/22 € 384.532 € 0 € 384.532 € 2.615.468
    1/1/23 € 384.532 € 156.928 € 227.604 € 2.387.864
    1/1/24 € 384.532 € 143.272 € 241.260 € 2.146.604
    Journal lessee:

    31 Desember 2022 Interest Expense € 156.928


    Lease Liability € 156.928
    Depreciation Expense € 300.000
    Right-of-use Asset € 300.000
    Journal Lessor:

    31 Desember 2022 Lease receivable € 156.928


    Interest Revenue € 156.928

    f)

    Winson Industries
    Statement of Financial Position
    31 December 2022
    Property, Plant, and Equipment Current Liabilities
    Leased property € 3.000.000 Interest payable € 156.928
    under capital leases
    Less accumulated € 300.000 Lease liability € 227.604
    depreciation
    € 2.700.000 Long-Term Liabilities
    Lease liability (see € 2.387.864
    schedule)

    g) The entry to initially record the lesse is as follow :


    1 January 2022 Right of use Asset € 2.980.000
    Cash € 20.000
    Lease Liabilty (b) € 3.000.000

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