Question: UMB leased Cloud Computing equipment from Academy Leasing Services on January l, 2019. Academy Leasing Services paid $454,595 for the equipment. Its fair value is $454,595. Terms of the Lease Agreement and Related Information are as below.
Lease term: 5 years
Semiannual lease payments: $ 100,000 at beginning of each period
Economic life of asset: 5 years
Annual interest rate: 5%
Required:
Q1. Prepare the amortization schedule that shows the pattern of interest expense for UMB.
Q2. Prepare the appropriate entries for 2019 for UMB.
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