PU79
financeActive1FTEX3LP1RKD38665 - Ford F-150 XLT 4x4 SuperCab 6.5 ft. box 145 in. WB
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 79 · 1FTEX3LP1RKD38665
- Commencement
- May 4, 2024
- Lease end
- Apr 4, 2028
- Rent commencement
- May 4, 2024
- Payment timing
- Arrears · monthly
- Lease term
- 48 base periods
Measurement inputs
- Discount rate
- 4.73% annual (0.394% monthly)
- Rate basis
- Imported from ROU-01 workbook (template cell J24).
- Useful life
- 60 months
- Fair value
- $49,609.88
- Initial direct costs
- $0.00
- Prepayment
- $0.00
- Lease incentive
- $0.00
- Undiscounted payments
- $56,622.20
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 52586.15 / fair value 49609.88 = 106% (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
- $52,586.15
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $52,586.15
- Lease liability
- $52,586.15
Initial journal entry
Posted May 4, 2024
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Finance Leases | Recognize ROU asset at commencement | $52,586.15 | |
| Finance Lease Liability | Recognize lease liability | $52,586.15 | |
| In balance | $52,586.15 | $52,586.15 | |
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 | May 4, 2024 | $13,504.40 | $52,586.15 | $207.28 | $39,289.03 | $52,586.15 | $1,095.54 | $51,490.61 | $1,302.82 | |
| 2 | Jun 4, 2024 | $917.40 | $39,289.03 | $154.86 | $38,526.49 | $51,490.61 | $1,095.54 | $50,395.07 | $1,250.40 | |
| 3 | Jul 4, 2024 | $917.40 | $38,526.49 | $151.86 | $37,760.95 | $50,395.07 | $1,095.55 | $49,299.52 | $1,247.41 | |
| 4 | Aug 4, 2024 | $917.40 | $37,760.95 | $148.84 | $36,992.39 | $49,299.52 | $1,095.54 | $48,203.98 | $1,244.38 | |
| 5 | Sep 4, 2024 | $917.40 | $36,992.39 | $145.81 | $36,220.80 | $48,203.98 | $1,095.55 | $47,108.43 | $1,241.36 | |
| 6 | Oct 4, 2024 | $917.40 | $36,220.80 | $142.77 | $35,446.17 | $47,108.43 | $1,095.54 | $46,012.89 | $1,238.31 | |
| 7 | Nov 4, 2024 | $917.40 | $35,446.17 | $139.72 | $34,668.49 | $46,012.89 | $1,095.55 | $44,917.34 | $1,235.27 | |
| 8 | Dec 4, 2024 | $917.40 | $34,668.49 | $136.65 | $33,887.74 | $44,917.34 | $1,095.54 | $43,821.80 | $1,232.19 | |
| 9 | Jan 4, 2025 | $917.40 | $33,887.74 | $133.57 | $33,103.91 | $43,821.80 | $1,095.55 | $42,726.25 | $1,229.12 | |
| 10 | Feb 4, 2025 | $917.40 | $33,103.91 | $130.48 | $32,316.99 | $42,726.25 | $1,095.54 | $41,630.71 | $1,226.02 | |
| 11 | Mar 4, 2025 | $917.40 | $32,316.99 | $127.38 | $31,526.97 | $41,630.71 | $1,095.55 | $40,535.16 | $1,222.93 | |
| 12 | Apr 4, 2025 | $917.40 | $31,526.97 | $124.27 | $30,733.84 | $40,535.16 | $1,095.54 | $39,439.62 | $1,219.81 | |
| 13 | May 4, 2025 | $917.40 | $30,733.84 | $121.14 | $29,937.58 | $39,439.62 | $1,095.55 | $38,344.07 | $1,216.69 | |
| 14 | Jun 4, 2025 | $917.40 | $29,937.58 | $118.00 | $29,138.18 | $38,344.07 | $1,095.54 | $37,248.53 | $1,213.54 | |
| 15 | Jul 4, 2025 | $917.40 | $29,138.18 | $114.85 | $28,335.63 | $37,248.53 | $1,095.55 | $36,152.98 | $1,210.40 | |
| 16 | Aug 4, 2025 | $917.40 | $28,335.63 | $111.69 | $27,529.92 | $36,152.98 | $1,095.54 | $35,057.44 | $1,207.23 | |
| 17 | Sep 4, 2025 | $917.40 | $27,529.92 | $108.51 | $26,721.03 | $35,057.44 | $1,095.55 | $33,961.89 | $1,204.06 | |
| 18 | Oct 4, 2025 | $917.40 | $26,721.03 | $105.33 | $25,908.96 | $33,961.89 | $1,095.54 | $32,866.35 | $1,200.87 | |
| 19 | Nov 4, 2025 | $917.40 | $25,908.96 | $102.12 | $25,093.68 | $32,866.35 | $1,095.55 | $31,770.80 | $1,197.67 | |
| 20 | Dec 4, 2025 | $917.40 | $25,093.68 | $98.91 | $24,275.19 | $31,770.80 | $1,095.54 | $30,675.26 | $1,194.45 | |
| 21 | Jan 4, 2026 | $917.40 | $24,275.19 | $95.68 | $23,453.47 | $30,675.26 | $1,095.55 | $29,579.71 | $1,191.23 | |
| 22 | Feb 4, 2026 | $917.40 | $23,453.47 | $92.45 | $22,628.52 | $29,579.71 | $1,095.54 | $28,484.17 | $1,187.99 | |
| 23 | Mar 4, 2026 | $917.40 | $22,628.52 | $89.19 | $21,800.31 | $28,484.17 | $1,095.55 | $27,388.62 | $1,184.74 | |
| 24 | Apr 4, 2026 | $917.40 | $21,800.31 | $85.93 | $20,968.84 | $27,388.62 | $1,095.54 | $26,293.08 | $1,181.47 | |
| 25 | May 4, 2026 | $917.40 | $20,968.84 | $82.65 | $20,134.09 | $26,293.08 | $1,095.55 | $25,197.53 | $1,178.20 | |
| 26 | Jun 4, 2026 | $917.40 | $20,134.09 | $79.36 | $19,296.05 | $25,197.53 | $1,095.54 | $24,101.99 | $1,174.90 | |
| 27 | Jul 4, 2026 | $917.40 | $19,296.05 | $76.06 | $18,454.71 | $24,101.99 | $1,095.55 | $23,006.44 | $1,171.61 | |
| 28 | Aug 4, 2026 | $917.40 | $18,454.71 | $72.74 | $17,610.05 | $23,006.44 | $1,095.54 | $21,910.90 | $1,168.28 | |
| 29 | Sep 4, 2026 | $917.40 | $17,610.05 | $69.41 | $16,762.06 | $21,910.90 | $1,095.55 | $20,815.35 | $1,164.96 | |
| 30 | Oct 4, 2026 | $917.40 | $16,762.06 | $66.07 | $15,910.73 | $20,815.35 | $1,095.54 | $19,719.81 | $1,161.61 | |
| 31 | Nov 4, 2026 | $917.40 | $15,910.73 | $62.71 | $15,056.04 | $19,719.81 | $1,095.55 | $18,624.26 | $1,158.26 | |
| 32 | Dec 4, 2026 | $917.40 | $15,056.04 | $59.35 | $14,197.99 | $18,624.26 | $1,095.54 | $17,528.72 | $1,154.89 | |
| 33 | Jan 4, 2027 | $917.40 | $14,197.99 | $55.96 | $13,336.55 | $17,528.72 | $1,095.55 | $16,433.17 | $1,151.51 | |
| 34 | Feb 4, 2027 | $917.40 | $13,336.55 | $52.57 | $12,471.72 | $16,433.17 | $1,095.54 | $15,337.63 | $1,148.11 | |
| 35 | Mar 4, 2027 | $917.40 | $12,471.72 | $49.16 | $11,603.48 | $15,337.63 | $1,095.55 | $14,242.08 | $1,144.71 | |
| 36 | Apr 4, 2027 | $917.40 | $11,603.48 | $45.74 | $10,731.82 | $14,242.08 | $1,095.54 | $13,146.54 | $1,141.28 | |
| 37 | May 4, 2027 | $917.40 | $10,731.82 | $42.30 | $9,856.72 | $13,146.54 | $1,095.55 | $12,050.99 | $1,137.85 | |
| 38 | Jun 4, 2027 | $917.40 | $9,856.72 | $38.85 | $8,978.17 | $12,050.99 | $1,095.54 | $10,955.45 | $1,134.39 | |
| 39 | Jul 4, 2027 | $917.40 | $8,978.17 | $35.39 | $8,096.16 | $10,955.45 | $1,095.55 | $9,859.90 | $1,130.94 | |
| 40 | Aug 4, 2027 | $917.40 | $8,096.16 | $31.91 | $7,210.67 | $9,859.90 | $1,095.54 | $8,764.36 | $1,127.45 | |
| 41 | Sep 4, 2027 | $917.40 | $7,210.67 | $28.42 | $6,321.69 | $8,764.36 | $1,095.55 | $7,668.81 | $1,123.97 | |
| 42 | Oct 4, 2027 | $917.40 | $6,321.69 | $24.92 | $5,429.21 | $7,668.81 | $1,095.54 | $6,573.27 | $1,120.46 | |
| 43 | Nov 4, 2027 | $917.40 | $5,429.21 | $21.40 | $4,533.21 | $6,573.27 | $1,095.55 | $5,477.72 | $1,116.95 | |
| 44 | Dec 4, 2027 | $917.40 | $4,533.21 | $17.87 | $3,633.68 | $5,477.72 | $1,095.54 | $4,382.18 | $1,113.41 | |
| 45 | Jan 4, 2028 | $917.40 | $3,633.68 | $14.32 | $2,730.60 | $4,382.18 | $1,095.55 | $3,286.63 | $1,109.87 | |
| 46 | Feb 4, 2028 | $917.40 | $2,730.60 | $10.76 | $1,823.96 | $3,286.63 | $1,095.54 | $2,191.09 | $1,106.30 | |
| 47 | Mar 4, 2028 | $917.40 | $1,823.96 | $7.19 | $913.75 | $2,191.09 | $1,095.55 | $1,095.54 | $1,102.74 | |
| 48 | Apr 4, 2028 | $917.40 | $913.75 | $3.65 | $0.00 | $1,095.54 | $1,095.54 | $0.00 | $1,099.19 | |
| Totals | $56,622.20 | $4,036.05 | $52,586.15 | $0.00 | $56,622.20 | |||||
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 | $207.28 | |
| Finance Lease Liability | Interest accretion | $207.28 | |
| Finance Lease Liability | Lease payment | $13,504.40 | |
| Cash / Accounts Payable | Lease payment | $13,504.40 | |
| Amortization of ROU Asset | ROU amortization | $1,095.54 | |
| Accumulated Amortization - Finance ROU | ROU amortization | $1,095.54 | |
| In balance | $14,807.22 | $14,807.22 | |