PU56
Active1FTFX1E50NKE27254 - Ford F-150 XL 4x4 SuperCab 6.5 ft. box 145 in. WB
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 56 · 1FTFX1E50NKE27254
- Commencement
- Jul 6, 2022
- Lease end
- Jun 6, 2026
- Rent commencement
- Aug 6, 2022
- Payment timing
- Arrears · monthly
- Lease term
- 48 base periods
Measurement inputs
- Discount rate
- 2.96% annual (0.247% monthly)
- Rate basis
- Imported from ROU-01 workbook (template cell J24).
- Useful life
- Not provided
- Fair value
- $44,109.68
- Initial direct costs
- $0.00
- Prepayment
- $0.00
- Lease incentive
- $0.00
- Undiscounted payments
- $31,257.12
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 29443.42 / fair value 44109.68 = 66.8% (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
- $29,443.42
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $29,443.42
- Lease liability
- $29,443.42
Initial journal entry
Posted Aug 6, 2022
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Operating Leases | Recognize ROU asset at commencement | $29,443.42 | |
| Operating Lease Liability | Recognize lease liability | $29,443.42 | |
| In balance | $29,443.42 | $29,443.42 | |
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 | Aug 6, 2022 | $651.19 | $29,443.42 | $72.63 | $28,864.86 | $29,443.42 | $578.56 | $28,864.86 | $651.19 | |
| 2 | Sep 6, 2022 | $651.19 | $28,864.86 | $71.20 | $28,284.87 | $28,864.86 | $579.99 | $28,284.87 | $651.19 | |
| 3 | Oct 6, 2022 | $651.19 | $28,284.87 | $69.77 | $27,703.45 | $28,284.87 | $581.42 | $27,703.45 | $651.19 | |
| 4 | Nov 6, 2022 | $651.19 | $27,703.45 | $68.34 | $27,120.60 | $27,703.45 | $582.85 | $27,120.60 | $651.19 | |
| 5 | Dec 6, 2022 | $651.19 | $27,120.60 | $66.90 | $26,536.31 | $27,120.60 | $584.29 | $26,536.31 | $651.19 | |
| 6 | Jan 6, 2023 | $651.19 | $26,536.31 | $65.46 | $25,950.58 | $26,536.31 | $585.73 | $25,950.58 | $651.19 | |
| 7 | Feb 6, 2023 | $651.19 | $25,950.58 | $64.01 | $25,363.40 | $25,950.58 | $587.18 | $25,363.40 | $651.19 | |
| 8 | Mar 6, 2023 | $651.19 | $25,363.40 | $62.56 | $24,774.77 | $25,363.40 | $588.63 | $24,774.77 | $651.19 | |
| 9 | Apr 6, 2023 | $651.19 | $24,774.77 | $61.11 | $24,184.69 | $24,774.77 | $590.08 | $24,184.69 | $651.19 | |
| 10 | May 6, 2023 | $651.19 | $24,184.69 | $59.66 | $23,593.16 | $24,184.69 | $591.53 | $23,593.16 | $651.19 | |
| 11 | Jun 6, 2023 | $651.19 | $23,593.16 | $58.20 | $23,000.17 | $23,593.16 | $592.99 | $23,000.17 | $651.19 | |
| 12 | Jul 6, 2023 | $651.19 | $23,000.17 | $56.73 | $22,405.71 | $23,000.17 | $594.46 | $22,405.71 | $651.19 | |
| 13 | Aug 6, 2023 | $651.19 | $22,405.71 | $55.27 | $21,809.79 | $22,405.71 | $595.92 | $21,809.79 | $651.19 | |
| 14 | Sep 6, 2023 | $651.19 | $21,809.79 | $53.80 | $21,212.40 | $21,809.79 | $597.39 | $21,212.40 | $651.19 | |
| 15 | Oct 6, 2023 | $651.19 | $21,212.40 | $52.32 | $20,613.53 | $21,212.40 | $598.87 | $20,613.53 | $651.19 | |
| 16 | Nov 6, 2023 | $651.19 | $20,613.53 | $50.85 | $20,013.19 | $20,613.53 | $600.34 | $20,013.19 | $651.19 | |
| 17 | Dec 6, 2023 | $651.19 | $20,013.19 | $49.37 | $19,411.37 | $20,013.19 | $601.82 | $19,411.37 | $651.19 | |
| 18 | Jan 6, 2024 | $651.19 | $19,411.37 | $47.88 | $18,808.06 | $19,411.37 | $603.31 | $18,808.06 | $651.19 | |
| 19 | Feb 6, 2024 | $651.19 | $18,808.06 | $46.39 | $18,203.26 | $18,808.06 | $604.80 | $18,203.26 | $651.19 | |
| 20 | Mar 6, 2024 | $651.19 | $18,203.26 | $44.90 | $17,596.97 | $18,203.26 | $606.29 | $17,596.97 | $651.19 | |
| 21 | Apr 6, 2024 | $651.19 | $17,596.97 | $43.41 | $16,989.19 | $17,596.97 | $607.78 | $16,989.19 | $651.19 | |
| 22 | May 6, 2024 | $651.19 | $16,989.19 | $41.91 | $16,379.91 | $16,989.19 | $609.28 | $16,379.91 | $651.19 | |
| 23 | Jun 6, 2024 | $651.19 | $16,379.91 | $40.40 | $15,769.12 | $16,379.91 | $610.79 | $15,769.12 | $651.19 | |
| 24 | Jul 6, 2024 | $651.19 | $15,769.12 | $38.90 | $15,156.83 | $15,769.12 | $612.29 | $15,156.83 | $651.19 | |
| 25 | Aug 6, 2024 | $651.19 | $15,156.83 | $37.39 | $14,543.03 | $15,156.83 | $613.80 | $14,543.03 | $651.19 | |
| 26 | Sep 6, 2024 | $651.19 | $14,543.03 | $35.87 | $13,927.71 | $14,543.03 | $615.32 | $13,927.71 | $651.19 | |
| 27 | Oct 6, 2024 | $651.19 | $13,927.71 | $34.36 | $13,310.88 | $13,927.71 | $616.83 | $13,310.88 | $651.19 | |
| 28 | Nov 6, 2024 | $651.19 | $13,310.88 | $32.83 | $12,692.52 | $13,310.88 | $618.36 | $12,692.52 | $651.19 | |
| 29 | Dec 6, 2024 | $651.19 | $12,692.52 | $31.31 | $12,072.64 | $12,692.52 | $619.88 | $12,072.64 | $651.19 | |
| 30 | Jan 6, 2025 | $651.19 | $12,072.64 | $29.78 | $11,451.23 | $12,072.64 | $621.41 | $11,451.23 | $651.19 | |
| 31 | Feb 6, 2025 | $651.19 | $11,451.23 | $28.25 | $10,828.29 | $11,451.23 | $622.94 | $10,828.29 | $651.19 | |
| 32 | Mar 6, 2025 | $651.19 | $10,828.29 | $26.71 | $10,203.81 | $10,828.29 | $624.48 | $10,203.81 | $651.19 | |
| 33 | Apr 6, 2025 | $651.19 | $10,203.81 | $25.17 | $9,577.79 | $10,203.81 | $626.02 | $9,577.79 | $651.19 | |
| 34 | May 6, 2025 | $651.19 | $9,577.79 | $23.63 | $8,950.23 | $9,577.79 | $627.56 | $8,950.23 | $651.19 | |
| 35 | Jun 6, 2025 | $651.19 | $8,950.23 | $22.08 | $8,321.12 | $8,950.23 | $629.11 | $8,321.12 | $651.19 | |
| 36 | Jul 6, 2025 | $651.19 | $8,321.12 | $20.53 | $7,690.46 | $8,321.12 | $630.66 | $7,690.46 | $651.19 | |
| 37 | Aug 6, 2025 | $651.19 | $7,690.46 | $18.97 | $7,058.24 | $7,690.46 | $632.22 | $7,058.24 | $651.19 | |
| 38 | Sep 6, 2025 | $651.19 | $7,058.24 | $17.41 | $6,424.46 | $7,058.24 | $633.78 | $6,424.46 | $651.19 | |
| 39 | Oct 6, 2025 | $651.19 | $6,424.46 | $15.85 | $5,789.12 | $6,424.46 | $635.34 | $5,789.12 | $651.19 | |
| 40 | Nov 6, 2025 | $651.19 | $5,789.12 | $14.28 | $5,152.21 | $5,789.12 | $636.91 | $5,152.21 | $651.19 | |
| 41 | Dec 6, 2025 | $651.19 | $5,152.21 | $12.71 | $4,513.73 | $5,152.21 | $638.48 | $4,513.73 | $651.19 | |
| 42 | Jan 6, 2026 | $651.19 | $4,513.73 | $11.13 | $3,873.67 | $4,513.73 | $640.06 | $3,873.67 | $651.19 | |
| 43 | Feb 6, 2026 | $651.19 | $3,873.67 | $9.56 | $3,232.04 | $3,873.67 | $641.63 | $3,232.04 | $651.19 | |
| 44 | Mar 6, 2026 | $651.19 | $3,232.04 | $7.97 | $2,588.82 | $3,232.04 | $643.22 | $2,588.82 | $651.19 | |
| 45 | Apr 6, 2026 | $651.19 | $2,588.82 | $6.39 | $1,944.02 | $2,588.82 | $644.80 | $1,944.02 | $651.19 | |
| 46 | May 6, 2026 | $651.19 | $1,944.02 | $4.80 | $1,297.63 | $1,944.02 | $646.39 | $1,297.63 | $651.19 | |
| 47 | Jun 6, 2026 | $651.19 | $1,297.63 | $3.20 | $649.64 | $1,297.63 | $647.99 | $649.64 | $651.19 | |
| 48 | Jul 6, 2026 | $651.19 | $649.64 | $1.55 | $0.00 | $649.64 | $649.64 | $0.00 | $651.19 | |
| Totals | $31,257.12 | $1,813.70 | $29,443.42 | $0.00 | $31,257.12 | |||||
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 | $651.19 | |
| Operating Lease Liability | Lease liability reduction | $578.56 | |
| Cash / Accounts Payable | Lease payment | $651.19 | |
| ROU Asset - Operating Leases | ROU amortization | $578.56 | |
| In balance | $1,229.75 | $1,229.75 | |