PU76
financeActive1FT7X2BN4REC56415 - Ford F-250 XLT 4x4 SD Super Cab 8 ft. box 164 in. WB SRW
Flagged for review: Month-1 payment bundles Enterprise "Total Initial Charges" — split into lease payment / IDC / prepayment before activation (architecture §6.4).
Lease terms
- Entity
- Beckenhauer Construction Leasing, LLC (BL)
- Lessor
- Enterprise
- Asset class
- Vehicle
- Asset category
- Vehicle
- Asset ID / serial
- PU 76 · 1FT7X2BN4REC56415
- Commencement
- Mar 6, 2024
- Lease end
- Feb 6, 2028
- Rent commencement
- Mar 6, 2024
- Payment timing
- Arrears · monthly
- Lease term
- 48 base periods
Measurement inputs
- Discount rate
- 4.435% annual (0.37% monthly)
- Rate basis
- Imported from ROU-01 workbook (template cell J24).
- Useful life
- 60 months
- Fair value
- $54,556.08
- Initial direct costs
- $0.00
- Prepayment
- $0.00
- Lease incentive
- $0.00
- Undiscounted payments
- $62,108.53
Classification — ASC 842-10-25-2
Recorded classification: finance (manual override — Classification imported from the ROU-01 workbook.)
✗
(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
Lease term 48mo / useful life 60mo = 80% (guideline 75%).
✓
(d) PV of payments is substantially all of fair value
PV 57916.42 / fair value 54556.08 = 106.2% (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
- $57,916.42
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $57,916.42
- Lease liability
- $57,916.42
Initial journal entry
Posted Mar 6, 2024
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Finance Leases | Recognize ROU asset at commencement | $57,916.42 | |
| Finance Lease Liability | Recognize lease liability | $57,916.42 | |
| In balance | $57,916.42 | $57,916.42 | |
Amortization schedule
Finance lease: interest on the liability + straight-line amortization of the ROU asset.
| # | Date | Payment | Liability begin | Interest | Liability end | ROU begin | ROU amort. | ROU end | Total expense | Note |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mar 6, 2024 | $14,514.92 | $57,916.42 | $214.05 | $43,615.55 | $57,916.42 | $1,206.59 | $56,709.83 | $1,420.64 | |
| 2 | Apr 6, 2024 | $1,012.63 | $43,615.55 | $161.20 | $42,764.12 | $56,709.83 | $1,206.59 | $55,503.24 | $1,367.79 | |
| 3 | May 6, 2024 | $1,012.63 | $42,764.12 | $158.05 | $41,909.54 | $55,503.24 | $1,206.59 | $54,296.65 | $1,364.64 | |
| 4 | Jun 6, 2024 | $1,012.63 | $41,909.54 | $154.89 | $41,051.80 | $54,296.65 | $1,206.59 | $53,090.06 | $1,361.48 | |
| 5 | Jul 6, 2024 | $1,012.63 | $41,051.80 | $151.72 | $40,190.89 | $53,090.06 | $1,206.59 | $51,883.47 | $1,358.31 | |
| 6 | Aug 6, 2024 | $1,012.63 | $40,190.89 | $148.54 | $39,326.80 | $51,883.47 | $1,206.59 | $50,676.88 | $1,355.13 | |
| 7 | Sep 6, 2024 | $1,012.63 | $39,326.80 | $145.35 | $38,459.52 | $50,676.88 | $1,206.59 | $49,470.29 | $1,351.94 | |
| 8 | Oct 6, 2024 | $1,012.63 | $38,459.52 | $142.14 | $37,589.03 | $49,470.29 | $1,206.59 | $48,263.70 | $1,348.73 | |
| 9 | Nov 6, 2024 | $1,012.63 | $37,589.03 | $138.92 | $36,715.32 | $48,263.70 | $1,206.59 | $47,057.11 | $1,345.51 | |
| 10 | Dec 6, 2024 | $1,012.63 | $36,715.32 | $135.69 | $35,838.38 | $47,057.11 | $1,206.59 | $45,850.52 | $1,342.28 | |
| 11 | Jan 6, 2025 | $1,012.63 | $35,838.38 | $132.45 | $34,958.20 | $45,850.52 | $1,206.59 | $44,643.93 | $1,339.04 | |
| 12 | Feb 6, 2025 | $1,012.63 | $34,958.20 | $129.20 | $34,074.77 | $44,643.93 | $1,206.59 | $43,437.34 | $1,335.79 | |
| 13 | Mar 6, 2025 | $1,012.63 | $34,074.77 | $125.93 | $33,188.07 | $43,437.34 | $1,206.59 | $42,230.75 | $1,332.52 | |
| 14 | Apr 6, 2025 | $1,012.63 | $33,188.07 | $122.66 | $32,298.10 | $42,230.75 | $1,206.59 | $41,024.16 | $1,329.25 | |
| 15 | May 6, 2025 | $1,012.63 | $32,298.10 | $119.37 | $31,404.84 | $41,024.16 | $1,206.59 | $39,817.57 | $1,325.96 | |
| 16 | Jun 6, 2025 | $1,012.63 | $31,404.84 | $116.07 | $30,508.28 | $39,817.57 | $1,206.59 | $38,610.98 | $1,322.66 | |
| 17 | Jul 6, 2025 | $1,012.63 | $30,508.28 | $112.75 | $29,608.40 | $38,610.98 | $1,206.59 | $37,404.39 | $1,319.34 | |
| 18 | Aug 6, 2025 | $1,012.63 | $29,608.40 | $109.43 | $28,705.20 | $37,404.39 | $1,206.59 | $36,197.80 | $1,316.02 | |
| 19 | Sep 6, 2025 | $1,012.63 | $28,705.20 | $106.09 | $27,798.66 | $36,197.80 | $1,206.59 | $34,991.21 | $1,312.68 | |
| 20 | Oct 6, 2025 | $1,012.63 | $27,798.66 | $102.74 | $26,888.77 | $34,991.21 | $1,206.59 | $33,784.62 | $1,309.33 | |
| 21 | Nov 6, 2025 | $1,012.63 | $26,888.77 | $99.38 | $25,975.52 | $33,784.62 | $1,206.59 | $32,578.03 | $1,305.97 | |
| 22 | Dec 6, 2025 | $1,012.63 | $25,975.52 | $96.00 | $25,058.89 | $32,578.03 | $1,206.59 | $31,371.44 | $1,302.59 | |
| 23 | Jan 6, 2026 | $1,012.63 | $25,058.89 | $92.61 | $24,138.87 | $31,371.44 | $1,206.59 | $30,164.85 | $1,299.20 | |
| 24 | Feb 6, 2026 | $1,012.63 | $24,138.87 | $89.21 | $23,215.45 | $30,164.85 | $1,206.59 | $28,958.26 | $1,295.80 | |
| 25 | Mar 6, 2026 | $1,012.63 | $23,215.45 | $85.80 | $22,288.62 | $28,958.26 | $1,206.59 | $27,751.67 | $1,292.39 | |
| 26 | Apr 6, 2026 | $1,012.63 | $22,288.62 | $82.38 | $21,358.37 | $27,751.67 | $1,206.59 | $26,545.08 | $1,288.97 | |
| 27 | May 6, 2026 | $1,012.63 | $21,358.37 | $78.94 | $20,424.68 | $26,545.08 | $1,206.59 | $25,338.49 | $1,285.53 | |
| 28 | Jun 6, 2026 | $1,012.63 | $20,424.68 | $75.49 | $19,487.54 | $25,338.49 | $1,206.59 | $24,131.90 | $1,282.08 | |
| 29 | Jul 6, 2026 | $1,012.63 | $19,487.54 | $72.02 | $18,546.93 | $24,131.90 | $1,206.60 | $22,925.30 | $1,278.62 | |
| 30 | Aug 6, 2026 | $1,012.63 | $18,546.93 | $68.55 | $17,602.85 | $22,925.30 | $1,206.59 | $21,718.71 | $1,275.14 | |
| 31 | Sep 6, 2026 | $1,012.63 | $17,602.85 | $65.06 | $16,655.28 | $21,718.71 | $1,206.60 | $20,512.11 | $1,271.66 | |
| 32 | Oct 6, 2026 | $1,012.63 | $16,655.28 | $61.56 | $15,704.21 | $20,512.11 | $1,206.59 | $19,305.52 | $1,268.15 | |
| 33 | Nov 6, 2026 | $1,012.63 | $15,704.21 | $58.04 | $14,749.62 | $19,305.52 | $1,206.60 | $18,098.92 | $1,264.64 | |
| 34 | Dec 6, 2026 | $1,012.63 | $14,749.62 | $54.51 | $13,791.50 | $18,098.92 | $1,206.59 | $16,892.33 | $1,261.10 | |
| 35 | Jan 6, 2027 | $1,012.63 | $13,791.50 | $50.97 | $12,829.84 | $16,892.33 | $1,206.60 | $15,685.73 | $1,257.57 | |
| 36 | Feb 6, 2027 | $1,012.63 | $12,829.84 | $47.42 | $11,864.63 | $15,685.73 | $1,206.59 | $14,479.14 | $1,254.01 | |
| 37 | Mar 6, 2027 | $1,012.63 | $11,864.63 | $43.85 | $10,895.85 | $14,479.14 | $1,206.60 | $13,272.54 | $1,250.45 | |
| 38 | Apr 6, 2027 | $1,012.63 | $10,895.85 | $40.27 | $9,923.49 | $13,272.54 | $1,206.59 | $12,065.95 | $1,246.86 | |
| 39 | May 6, 2027 | $1,012.63 | $9,923.49 | $36.68 | $8,947.54 | $12,065.95 | $1,206.60 | $10,859.35 | $1,243.28 | |
| 40 | Jun 6, 2027 | $1,012.63 | $8,947.54 | $33.07 | $7,967.98 | $10,859.35 | $1,206.59 | $9,652.76 | $1,239.66 | |
| 41 | Jul 6, 2027 | $1,012.63 | $7,967.98 | $29.45 | $6,984.80 | $9,652.76 | $1,206.60 | $8,446.16 | $1,236.05 | |
| 42 | Aug 6, 2027 | $1,012.63 | $6,984.80 | $25.81 | $5,997.98 | $8,446.16 | $1,206.59 | $7,239.57 | $1,232.40 | |
| 43 | Sep 6, 2027 | $1,012.63 | $5,997.98 | $22.17 | $5,007.52 | $7,239.57 | $1,206.60 | $6,032.97 | $1,228.77 | |
| 44 | Oct 6, 2027 | $1,012.63 | $5,007.52 | $18.51 | $4,013.40 | $6,032.97 | $1,206.59 | $4,826.38 | $1,225.10 | |
| 45 | Nov 6, 2027 | $1,012.63 | $4,013.40 | $14.83 | $3,015.60 | $4,826.38 | $1,206.60 | $3,619.78 | $1,221.43 | |
| 46 | Dec 6, 2027 | $1,012.63 | $3,015.60 | $11.15 | $2,014.12 | $3,619.78 | $1,206.59 | $2,413.19 | $1,217.74 | |
| 47 | Jan 6, 2028 | $1,012.63 | $2,014.12 | $7.44 | $1,008.93 | $2,413.19 | $1,206.60 | $1,206.59 | $1,214.04 | |
| 48 | Feb 6, 2028 | $1,012.63 | $1,008.93 | $3.70 | $0.00 | $1,206.59 | $1,206.59 | $0.00 | $1,210.29 | |
| Totals | $62,108.53 | $4,192.11 | $57,916.42 | $0.00 | $62,108.53 | |||||
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 |
|---|---|---|---|
| Interest Expense | Interest accretion | $214.05 | |
| Finance Lease Liability | Interest accretion | $214.05 | |
| Finance Lease Liability | Lease payment | $14,514.92 | |
| Cash / Accounts Payable | Lease payment | $14,514.92 | |
| Amortization of ROU Asset | ROU amortization | $1,206.59 | |
| Accumulated Amortization - Finance ROU | ROU amortization | $1,206.59 | |
| In balance | $15,935.56 | $15,935.56 | |