PU48
Expired1FT7W2BT9LEE07886 - Ford F-250 Lariat 4x4 SD Crew Cab 6.75 ft. box 160 in. WB SRW
Flagged for review: Useful life not provided — required for uniform ASC 842-10-25-2(c) classification (deviation D4).
Lease terms
- Entity
- Beckenhauer Construction Leasing, LLC (BL)
- Lessor
- Enterprise
- Asset class
- Vehicle
- Asset category
- Vehicle
- Asset ID / serial
- PU 48 · 1FT7W2BT9LEE07886
- Commencement
- May 8, 2020
- Lease end
- Apr 8, 2024
- Rent commencement
- Jun 8, 2020
- Payment timing
- Arrears · monthly
- Lease term
- 48 base periods
Measurement inputs
- Discount rate
- 0.33% annual (0.028% monthly)
- Rate basis
- Imported from ROU-01 workbook (template cell J24).
- Useful life
- Not provided
- Fair value
- $66,154.50
- Initial direct costs
- $0.00
- Prepayment
- $0.00
- Lease incentive
- $0.00
- Undiscounted payments
- $42,903.84
Classification — ASC 842-10-25-2
Recorded classification: (manual override — Classification imported from the ROU-01 workbook.)
The engine evaluation (indeterminate) differs from the recorded classification (operating).
✗
(a) Ownership transfers by end of term
Criterion not met (judgement).
✗
(b) Purchase option reasonably certain
Criterion not met (judgement).
?
(c) Lease term is a major part of useful life
Useful life of the underlying asset is required but not provided.
✗
(d) PV of payments is substantially all of fair value
PV 42616.1 / fair value 66154.5 = 64.4% (guideline 90%).
✗
(e) Specialized asset with no alternative use
Criterion not met (judgement).
Lease status
Initial measurement — ASC 842-20-30
- PV of lease payments
- $42,616.10
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $42,616.10
- Lease liability
- $42,616.10
Initial journal entry
Posted Jun 8, 2020
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Operating Leases | Recognize ROU asset at commencement | $42,616.10 | |
| Operating Lease Liability | Recognize lease liability | $42,616.10 | |
| In balance | $42,616.10 | $42,616.10 | |
Amortization schedule
Operating lease: single straight-line lease cost; ROU amortization is the residual.
| # | Date | Payment | Liability begin | Interest | Liability end | ROU begin | ROU amort. | ROU end | Lease expense | Note |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Jun 8, 2020 | $893.83 | $42,616.10 | $11.72 | $41,733.99 | $42,616.10 | $882.11 | $41,733.99 | $893.83 | |
| 2 | Jul 8, 2020 | $893.83 | $41,733.99 | $11.48 | $40,851.64 | $41,733.99 | $882.35 | $40,851.64 | $893.83 | |
| 3 | Aug 8, 2020 | $893.83 | $40,851.64 | $11.23 | $39,969.04 | $40,851.64 | $882.60 | $39,969.04 | $893.83 | |
| 4 | Sep 8, 2020 | $893.83 | $39,969.04 | $10.99 | $39,086.20 | $39,969.04 | $882.84 | $39,086.20 | $893.83 | |
| 5 | Oct 8, 2020 | $893.83 | $39,086.20 | $10.75 | $38,203.12 | $39,086.20 | $883.08 | $38,203.12 | $893.83 | |
| 6 | Nov 8, 2020 | $893.83 | $38,203.12 | $10.51 | $37,319.80 | $38,203.12 | $883.32 | $37,319.80 | $893.83 | |
| 7 | Dec 8, 2020 | $893.83 | $37,319.80 | $10.26 | $36,436.23 | $37,319.80 | $883.57 | $36,436.23 | $893.83 | |
| 8 | Jan 8, 2021 | $893.83 | $36,436.23 | $10.02 | $35,552.42 | $36,436.23 | $883.81 | $35,552.42 | $893.83 | |
| 9 | Feb 8, 2021 | $893.83 | $35,552.42 | $9.78 | $34,668.37 | $35,552.42 | $884.05 | $34,668.37 | $893.83 | |
| 10 | Mar 8, 2021 | $893.83 | $34,668.37 | $9.53 | $33,784.07 | $34,668.37 | $884.30 | $33,784.07 | $893.83 | |
| 11 | Apr 8, 2021 | $893.83 | $33,784.07 | $9.29 | $32,899.53 | $33,784.07 | $884.54 | $32,899.53 | $893.83 | |
| 12 | May 8, 2021 | $893.83 | $32,899.53 | $9.05 | $32,014.75 | $32,899.53 | $884.78 | $32,014.75 | $893.83 | |
| 13 | Jun 8, 2021 | $893.83 | $32,014.75 | $8.80 | $31,129.72 | $32,014.75 | $885.03 | $31,129.72 | $893.83 | |
| 14 | Jul 8, 2021 | $893.83 | $31,129.72 | $8.56 | $30,244.45 | $31,129.72 | $885.27 | $30,244.45 | $893.83 | |
| 15 | Aug 8, 2021 | $893.83 | $30,244.45 | $8.32 | $29,358.94 | $30,244.45 | $885.51 | $29,358.94 | $893.83 | |
| 16 | Sep 8, 2021 | $893.83 | $29,358.94 | $8.07 | $28,473.18 | $29,358.94 | $885.76 | $28,473.18 | $893.83 | |
| 17 | Oct 8, 2021 | $893.83 | $28,473.18 | $7.83 | $27,587.18 | $28,473.18 | $886.00 | $27,587.18 | $893.83 | |
| 18 | Nov 8, 2021 | $893.83 | $27,587.18 | $7.59 | $26,700.94 | $27,587.18 | $886.24 | $26,700.94 | $893.83 | |
| 19 | Dec 8, 2021 | $893.83 | $26,700.94 | $7.34 | $25,814.45 | $26,700.94 | $886.49 | $25,814.45 | $893.83 | |
| 20 | Jan 8, 2022 | $893.83 | $25,814.45 | $7.10 | $24,927.72 | $25,814.45 | $886.73 | $24,927.72 | $893.83 | |
| 21 | Feb 8, 2022 | $893.83 | $24,927.72 | $6.86 | $24,040.75 | $24,927.72 | $886.97 | $24,040.75 | $893.83 | |
| 22 | Mar 8, 2022 | $893.83 | $24,040.75 | $6.61 | $23,153.53 | $24,040.75 | $887.22 | $23,153.53 | $893.83 | |
| 23 | Apr 8, 2022 | $893.83 | $23,153.53 | $6.37 | $22,266.07 | $23,153.53 | $887.46 | $22,266.07 | $893.83 | |
| 24 | May 8, 2022 | $893.83 | $22,266.07 | $6.12 | $21,378.36 | $22,266.07 | $887.71 | $21,378.36 | $893.83 | |
| 25 | Jun 8, 2022 | $893.83 | $21,378.36 | $5.88 | $20,490.41 | $21,378.36 | $887.95 | $20,490.41 | $893.83 | |
| 26 | Jul 8, 2022 | $893.83 | $20,490.41 | $5.63 | $19,602.21 | $20,490.41 | $888.20 | $19,602.21 | $893.83 | |
| 27 | Aug 8, 2022 | $893.83 | $19,602.21 | $5.39 | $18,713.77 | $19,602.21 | $888.44 | $18,713.77 | $893.83 | |
| 28 | Sep 8, 2022 | $893.83 | $18,713.77 | $5.15 | $17,825.09 | $18,713.77 | $888.68 | $17,825.09 | $893.83 | |
| 29 | Oct 8, 2022 | $893.83 | $17,825.09 | $4.90 | $16,936.16 | $17,825.09 | $888.93 | $16,936.16 | $893.83 | |
| 30 | Nov 8, 2022 | $893.83 | $16,936.16 | $4.66 | $16,046.99 | $16,936.16 | $889.17 | $16,046.99 | $893.83 | |
| 31 | Dec 8, 2022 | $893.83 | $16,046.99 | $4.41 | $15,157.57 | $16,046.99 | $889.42 | $15,157.57 | $893.83 | |
| 32 | Jan 8, 2023 | $893.83 | $15,157.57 | $4.17 | $14,267.91 | $15,157.57 | $889.66 | $14,267.91 | $893.83 | |
| 33 | Feb 8, 2023 | $893.83 | $14,267.91 | $3.92 | $13,378.00 | $14,267.91 | $889.91 | $13,378.00 | $893.83 | |
| 34 | Mar 8, 2023 | $893.83 | $13,378.00 | $3.68 | $12,487.85 | $13,378.00 | $890.15 | $12,487.85 | $893.83 | |
| 35 | Apr 8, 2023 | $893.83 | $12,487.85 | $3.43 | $11,597.45 | $12,487.85 | $890.40 | $11,597.45 | $893.83 | |
| 36 | May 8, 2023 | $893.83 | $11,597.45 | $3.19 | $10,706.81 | $11,597.45 | $890.64 | $10,706.81 | $893.83 | |
| 37 | Jun 8, 2023 | $893.83 | $10,706.81 | $2.94 | $9,815.92 | $10,706.81 | $890.89 | $9,815.92 | $893.83 | |
| 38 | Jul 8, 2023 | $893.83 | $9,815.92 | $2.70 | $8,924.79 | $9,815.92 | $891.13 | $8,924.79 | $893.83 | |
| 39 | Aug 8, 2023 | $893.83 | $8,924.79 | $2.45 | $8,033.41 | $8,924.79 | $891.38 | $8,033.41 | $893.83 | |
| 40 | Sep 8, 2023 | $893.83 | $8,033.41 | $2.21 | $7,141.79 | $8,033.41 | $891.62 | $7,141.79 | $893.83 | |
| 41 | Oct 8, 2023 | $893.83 | $7,141.79 | $1.96 | $6,249.92 | $7,141.79 | $891.87 | $6,249.92 | $893.83 | |
| 42 | Nov 8, 2023 | $893.83 | $6,249.92 | $1.72 | $5,357.81 | $6,249.92 | $892.11 | $5,357.81 | $893.83 | |
| 43 | Dec 8, 2023 | $893.83 | $5,357.81 | $1.47 | $4,465.45 | $5,357.81 | $892.36 | $4,465.45 | $893.83 | |
| 44 | Jan 8, 2024 | $893.83 | $4,465.45 | $1.23 | $3,572.85 | $4,465.45 | $892.60 | $3,572.85 | $893.83 | |
| 45 | Feb 8, 2024 | $893.83 | $3,572.85 | $0.98 | $2,680.00 | $3,572.85 | $892.85 | $2,680.00 | $893.83 | |
| 46 | Mar 8, 2024 | $893.83 | $2,680.00 | $0.74 | $1,786.91 | $2,680.00 | $893.09 | $1,786.91 | $893.83 | |
| 47 | Apr 8, 2024 | $893.83 | $1,786.91 | $0.49 | $893.57 | $1,786.91 | $893.34 | $893.57 | $893.83 | |
| 48 | May 8, 2024 | $893.83 | $893.57 | $0.26 | $0.00 | $893.57 | $893.57 | $0.00 | $893.83 | |
| Totals | $42,903.84 | $287.74 | $42,616.10 | $0.00 | $42,903.84 | |||||
Recurring journal entry — period 1
Representative entry; one entry per period follows the schedule. Use “Export journal entries” for the full set.
| Account | Memo | Debit | Credit |
|---|---|---|---|
| Operating Lease Expense | Straight-line lease cost | $893.83 | |
| Operating Lease Liability | Lease liability reduction | $882.11 | |
| Cash / Accounts Payable | Lease payment | $893.83 | |
| ROU Asset - Operating Leases | ROU amortization | $882.11 | |
| In balance | $1,775.94 | $1,775.94 | |