PU61
Active1FTFX1E53NKF07597 - 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 61 · 1FTFX1E53NKF07597
- Commencement
- Nov 1, 2022
- Lease end
- Oct 1, 2026
- Rent commencement
- Dec 1, 2022
- Payment timing
- Arrears · monthly
- Lease term
- 48 base periods
Measurement inputs
- Discount rate
- 4.27% annual (0.356% monthly)
- Rate basis
- Imported from ROU-01 workbook (template cell J24).
- Useful life
- Not provided
- Fair value
- $44,451.13
- Initial direct costs
- $0.00
- Prepayment
- $0.00
- Lease incentive
- $0.00
- Undiscounted payments
- $39,403.68
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 36163.31 / fair value 44451.13 = 81.4% (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
- $36,163.31
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $36,163.31
- Lease liability
- $36,163.31
Initial journal entry
Posted Dec 1, 2022
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Operating Leases | Recognize ROU asset at commencement | $36,163.31 | |
| Operating Lease Liability | Recognize lease liability | $36,163.31 | |
| In balance | $36,163.31 | $36,163.31 | |
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 | Dec 1, 2022 | $820.91 | $36,163.31 | $128.68 | $35,471.08 | $36,163.31 | $692.23 | $35,471.08 | $820.91 | |
| 2 | Jan 1, 2023 | $820.91 | $35,471.08 | $126.22 | $34,776.39 | $35,471.08 | $694.69 | $34,776.39 | $820.91 | |
| 3 | Feb 1, 2023 | $820.91 | $34,776.39 | $123.75 | $34,079.23 | $34,776.39 | $697.16 | $34,079.23 | $820.91 | |
| 4 | Mar 1, 2023 | $820.91 | $34,079.23 | $121.27 | $33,379.59 | $34,079.23 | $699.64 | $33,379.59 | $820.91 | |
| 5 | Apr 1, 2023 | $820.91 | $33,379.59 | $118.78 | $32,677.46 | $33,379.59 | $702.13 | $32,677.46 | $820.91 | |
| 6 | May 1, 2023 | $820.91 | $32,677.46 | $116.28 | $31,972.83 | $32,677.46 | $704.63 | $31,972.83 | $820.91 | |
| 7 | Jun 1, 2023 | $820.91 | $31,972.83 | $113.77 | $31,265.69 | $31,972.83 | $707.14 | $31,265.69 | $820.91 | |
| 8 | Jul 1, 2023 | $820.91 | $31,265.69 | $111.25 | $30,556.03 | $31,265.69 | $709.66 | $30,556.03 | $820.91 | |
| 9 | Aug 1, 2023 | $820.91 | $30,556.03 | $108.73 | $29,843.85 | $30,556.03 | $712.18 | $29,843.85 | $820.91 | |
| 10 | Sep 1, 2023 | $820.91 | $29,843.85 | $106.19 | $29,129.13 | $29,843.85 | $714.72 | $29,129.13 | $820.91 | |
| 11 | Oct 1, 2023 | $820.91 | $29,129.13 | $103.65 | $28,411.87 | $29,129.13 | $717.26 | $28,411.87 | $820.91 | |
| 12 | Nov 1, 2023 | $820.91 | $28,411.87 | $101.10 | $27,692.06 | $28,411.87 | $719.81 | $27,692.06 | $820.91 | |
| 13 | Dec 1, 2023 | $820.91 | $27,692.06 | $98.54 | $26,969.69 | $27,692.06 | $722.37 | $26,969.69 | $820.91 | |
| 14 | Jan 1, 2024 | $820.91 | $26,969.69 | $95.97 | $26,244.75 | $26,969.69 | $724.94 | $26,244.75 | $820.91 | |
| 15 | Feb 1, 2024 | $820.91 | $26,244.75 | $93.39 | $25,517.23 | $26,244.75 | $727.52 | $25,517.23 | $820.91 | |
| 16 | Mar 1, 2024 | $820.91 | $25,517.23 | $90.80 | $24,787.12 | $25,517.23 | $730.11 | $24,787.12 | $820.91 | |
| 17 | Apr 1, 2024 | $820.91 | $24,787.12 | $88.20 | $24,054.41 | $24,787.12 | $732.71 | $24,054.41 | $820.91 | |
| 18 | May 1, 2024 | $820.91 | $24,054.41 | $85.59 | $23,319.09 | $24,054.41 | $735.32 | $23,319.09 | $820.91 | |
| 19 | Jun 1, 2024 | $820.91 | $23,319.09 | $82.98 | $22,581.16 | $23,319.09 | $737.93 | $22,581.16 | $820.91 | |
| 20 | Jul 1, 2024 | $820.91 | $22,581.16 | $80.35 | $21,840.60 | $22,581.16 | $740.56 | $21,840.60 | $820.91 | |
| 21 | Aug 1, 2024 | $820.91 | $21,840.60 | $77.72 | $21,097.41 | $21,840.60 | $743.19 | $21,097.41 | $820.91 | |
| 22 | Sep 1, 2024 | $820.91 | $21,097.41 | $75.07 | $20,351.57 | $21,097.41 | $745.84 | $20,351.57 | $820.91 | |
| 23 | Oct 1, 2024 | $820.91 | $20,351.57 | $72.42 | $19,603.08 | $20,351.57 | $748.49 | $19,603.08 | $820.91 | |
| 24 | Nov 1, 2024 | $820.91 | $19,603.08 | $69.75 | $18,851.92 | $19,603.08 | $751.16 | $18,851.92 | $820.91 | |
| 25 | Dec 1, 2024 | $820.91 | $18,851.92 | $67.08 | $18,098.09 | $18,851.92 | $753.83 | $18,098.09 | $820.91 | |
| 26 | Jan 1, 2025 | $820.91 | $18,098.09 | $64.40 | $17,341.58 | $18,098.09 | $756.51 | $17,341.58 | $820.91 | |
| 27 | Feb 1, 2025 | $820.91 | $17,341.58 | $61.71 | $16,582.38 | $17,341.58 | $759.20 | $16,582.38 | $820.91 | |
| 28 | Mar 1, 2025 | $820.91 | $16,582.38 | $59.01 | $15,820.48 | $16,582.38 | $761.90 | $15,820.48 | $820.91 | |
| 29 | Apr 1, 2025 | $820.91 | $15,820.48 | $56.29 | $15,055.86 | $15,820.48 | $764.62 | $15,055.86 | $820.91 | |
| 30 | May 1, 2025 | $820.91 | $15,055.86 | $53.57 | $14,288.52 | $15,055.86 | $767.34 | $14,288.52 | $820.91 | |
| 31 | Jun 1, 2025 | $820.91 | $14,288.52 | $50.84 | $13,518.45 | $14,288.52 | $770.07 | $13,518.45 | $820.91 | |
| 32 | Jul 1, 2025 | $820.91 | $13,518.45 | $48.10 | $12,745.64 | $13,518.45 | $772.81 | $12,745.64 | $820.91 | |
| 33 | Aug 1, 2025 | $820.91 | $12,745.64 | $45.35 | $11,970.08 | $12,745.64 | $775.56 | $11,970.08 | $820.91 | |
| 34 | Sep 1, 2025 | $820.91 | $11,970.08 | $42.59 | $11,191.76 | $11,970.08 | $778.32 | $11,191.76 | $820.91 | |
| 35 | Oct 1, 2025 | $820.91 | $11,191.76 | $39.82 | $10,410.67 | $11,191.76 | $781.09 | $10,410.67 | $820.91 | |
| 36 | Nov 1, 2025 | $820.91 | $10,410.67 | $37.04 | $9,626.80 | $10,410.67 | $783.87 | $9,626.80 | $820.91 | |
| 37 | Dec 1, 2025 | $820.91 | $9,626.80 | $34.26 | $8,840.15 | $9,626.80 | $786.65 | $8,840.15 | $820.91 | |
| 38 | Jan 1, 2026 | $820.91 | $8,840.15 | $31.46 | $8,050.70 | $8,840.15 | $789.45 | $8,050.70 | $820.91 | |
| 39 | Feb 1, 2026 | $820.91 | $8,050.70 | $28.65 | $7,258.44 | $8,050.70 | $792.26 | $7,258.44 | $820.91 | |
| 40 | Mar 1, 2026 | $820.91 | $7,258.44 | $25.83 | $6,463.36 | $7,258.44 | $795.08 | $6,463.36 | $820.91 | |
| 41 | Apr 1, 2026 | $820.91 | $6,463.36 | $23.00 | $5,665.45 | $6,463.36 | $797.91 | $5,665.45 | $820.91 | |
| 42 | May 1, 2026 | $820.91 | $5,665.45 | $20.16 | $4,864.70 | $5,665.45 | $800.75 | $4,864.70 | $820.91 | |
| 43 | Jun 1, 2026 | $820.91 | $4,864.70 | $17.31 | $4,061.10 | $4,864.70 | $803.60 | $4,061.10 | $820.91 | |
| 44 | Jul 1, 2026 | $820.91 | $4,061.10 | $14.45 | $3,254.64 | $4,061.10 | $806.46 | $3,254.64 | $820.91 | |
| 45 | Aug 1, 2026 | $820.91 | $3,254.64 | $11.58 | $2,445.31 | $3,254.64 | $809.33 | $2,445.31 | $820.91 | |
| 46 | Sep 1, 2026 | $820.91 | $2,445.31 | $8.70 | $1,633.10 | $2,445.31 | $812.21 | $1,633.10 | $820.91 | |
| 47 | Oct 1, 2026 | $820.91 | $1,633.10 | $5.81 | $818.00 | $1,633.10 | $815.10 | $818.00 | $820.91 | |
| 48 | Nov 1, 2026 | $820.91 | $818.00 | $2.91 | $0.00 | $818.00 | $818.00 | $0.00 | $820.91 | |
| Totals | $39,403.68 | $3,240.37 | $36,163.31 | $0.00 | $39,403.68 | |||||
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 | $820.91 | |
| Operating Lease Liability | Lease liability reduction | $692.23 | |
| Cash / Accounts Payable | Lease payment | $820.91 | |
| ROU Asset - Operating Leases | ROU amortization | $692.23 | |
| In balance | $1,513.14 | $1,513.14 | |