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Write a memo | Accounting homework help

Write a memo to the “Toys R U Audit File.”  Be sure to include the following:

1.    Brief description of current reporting rules for leases

2.    Description of proposed reporting rules for leases

3.    Example of application of proposed rules for a lessee

a.    Assume the following lease terms:

                                              i.     Identifiable Asset:  Facility (building) lease

                                             ii.     Term 10 years – assume no renewal option

                                           iii.     Monthly lease payments beginning at $125,000 per month over the ten year lease term

                                           iv.     The risk free rate is 2%, Toys R U borrows at an incremental rate of 6%, and the lessor rate is unavailable

                                             v.     Assume the lease commences on January 1, 2021 and the first payment is due February 1, 2021

4.    Include the following journal entries:

a.    Recording of lease related asset and liability at lease inception – use “Capitalized Lease Asset” and “Capitalized Lease Liability” as account titles

b.    Recording of the monthly expense for the first two months – do each month separately

5.    Attach an Excel worksheet to your memo with the following:

                                              i.     Calculation of the amount of the capitalized lease asset and related lease liability

                                             ii.     An amortization schedule for the lease term

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