## Answers

Present value of lease payments = 8482 * PVAFD ( 95 , 5years)

= 8482 * 4.23972

= 35961

Date | Account Titles | Debit | Credit |

January 1, 2017 | Leased Equipment | 35961 | |

35961 | |||

January 1, 2017 | Lease Liability | 8482 | |

Cash | 8482 | ||

December 31, 2017 | Depreciation Expense | 7192 | |

Accumulated Depreciation - Capital Leases | 7192 | ||

[35961/5 years] | |||

December 31, 2017 | Interest Expense | 2473 | |

Interest Payable | 2473 | ||

(35961-8482)*9% | |||

January 1, 2018 | Lease Liability | 6009 | |

Interest Payable | 2473 | ||

Cash | 8482 |

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