Answer:
1) sales revenue 61,995.26
2) lease receivables 61,995.26 debit
sales revenue 61,995.26 credit
cost of good sold 56,000 debit
truck inventory 56,000 credit
truck 61,995.26 debit
lease payable 61,995.26 credit
3)
![\left[\begin{array}{cccccc}$Time&$Beg&$Cuota&$Interes&$Amort&$Ending\\0&61995.26&7000&&7000&54995.26\\1&54995.26&7000&1649.86&5350.14&49645.12\\2&49645.12&7000&1489.35&5510.65&44134.47\\3&44134.47&7000&1324.03&5675.97&38458.5\\4&38458.5&7000&1153.76&5846.24&32612.26\\5&32612.26&7000&978.37&6021.63&26590.63\\6&26590.63&7000&797.72&6202.28&20388.35\\7&20388.35&21000&611.65&20388.35&0\end{array}\right]](https://img.qammunity.org/2022/formulas/business/college/2pcs8lv6egpe7ydqlsceqwtwcgj2twk8x0.png)
For the lessor will be interest revenue while interest expense for the lessee
4)
cash 7,000 debit
interest revenue 1,649.86 credit
lease receivables 5,510.65 credit
--entry for the lessor--
lease payable 5,510.65 debit
interest expense 1,649.86 debit
cash 7,000 credit
--entry for the lessee--
5)
cash 21,000 debit
interest revenue 611.65 credit
lease receivables 20,388.35 credit
--entry for the lessor--
lease payable 20,388.35 debit
interest expense 611.65 debit
cash 21,000 credit
--entry for the lessee--
Step-by-step explanation:
1) the sales revenue will be the present value of all the lease payments and the residual value of the asset or the bargain-option
Present Value of Annuity-due
C 7,000
time 8
rate 0.03
PV $50,611.9807
PRESENT VALUE OF LUMP SUM
Maturity 14,000.00
time 7.00
rate 0.03
PV 11,383.28
PV of the lease: 50,611.98 + 11,051.73 = 61,995.26
2) the lessor will have a lease receivable while the lessee has a lease payable.
![\left[\begin{array}{cccccc}$Time&$Beg&$Cuota&$Interes&$Amort&$Ending\\0&61995.26&7000&&7000&54995.26\\1&54995.26&7000&1649.86&5350.14&49645.12\\2&49645.12&7000&1489.35&5510.65&44134.47\\3&44134.47&7000&1324.03&5675.97&38458.5\\4&38458.5&7000&1153.76&5846.24&32612.26\\5&32612.26&7000&978.37&6021.63&26590.63\\6&26590.63&7000&797.72&6202.28&20388.35\\7&20388.35&21000&611.65&20388.35&0\end{array}\right]](https://img.qammunity.org/2022/formulas/business/college/2pcs8lv6egpe7ydqlsceqwtwcgj2twk8x0.png)