PU80
financeActive1FTEX3LPXRKD38731 - 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 80 · 1FTEX3LPXRKD38731
- Commencement
- May 3, 2024
- Lease end
- Apr 3, 2028
- Rent commencement
- May 3, 2024
- Payment timing
- Arrears · monthly
- Lease term
- 48 base periods
Measurement inputs
- Discount rate
- 4.72% annual (0.393% 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
- $56,585.50
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 52560.7 / fair value 49609.88 = 105.9% (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
- $52,560.70
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $52,560.70
- Lease liability
- $52,560.70
Initial journal entry
Posted May 3, 2024
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Finance Leases | Recognize ROU asset at commencement | $52,560.70 | |
| Finance Lease Liability | Recognize lease liability | $52,560.70 | |
| In balance | $52,560.70 | $52,560.70 | |
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 3, 2024 | $13,502.95 | $52,560.70 | $206.74 | $39,264.49 | $52,560.70 | $1,095.01 | $51,465.69 | $1,301.75 | |
| 2 | Jun 3, 2024 | $916.65 | $39,264.49 | $154.44 | $38,502.28 | $51,465.69 | $1,095.01 | $50,370.68 | $1,249.45 | |
| 3 | Jul 3, 2024 | $916.65 | $38,502.28 | $151.44 | $37,737.07 | $50,370.68 | $1,095.01 | $49,275.67 | $1,246.45 | |
| 4 | Aug 3, 2024 | $916.65 | $37,737.07 | $148.43 | $36,968.85 | $49,275.67 | $1,095.01 | $48,180.66 | $1,243.44 | |
| 5 | Sep 3, 2024 | $916.65 | $36,968.85 | $145.41 | $36,197.61 | $48,180.66 | $1,095.02 | $47,085.64 | $1,240.43 | |
| 6 | Oct 3, 2024 | $916.65 | $36,197.61 | $142.38 | $35,423.34 | $47,085.64 | $1,095.01 | $45,990.63 | $1,237.39 | |
| 7 | Nov 3, 2024 | $916.65 | $35,423.34 | $139.33 | $34,646.02 | $45,990.63 | $1,095.02 | $44,895.61 | $1,234.35 | |
| 8 | Dec 3, 2024 | $916.65 | $34,646.02 | $136.27 | $33,865.64 | $44,895.61 | $1,095.01 | $43,800.60 | $1,231.28 | |
| 9 | Jan 3, 2025 | $916.65 | $33,865.64 | $133.20 | $33,082.19 | $43,800.60 | $1,095.02 | $42,705.58 | $1,228.22 | |
| 10 | Feb 3, 2025 | $916.65 | $33,082.19 | $130.12 | $32,295.66 | $42,705.58 | $1,095.01 | $41,610.57 | $1,225.13 | |
| 11 | Mar 3, 2025 | $916.65 | $32,295.66 | $127.03 | $31,506.04 | $41,610.57 | $1,095.02 | $40,515.55 | $1,222.05 | |
| 12 | Apr 3, 2025 | $916.65 | $31,506.04 | $123.92 | $30,713.31 | $40,515.55 | $1,095.01 | $39,420.54 | $1,218.93 | |
| 13 | May 3, 2025 | $916.65 | $30,713.31 | $120.81 | $29,917.47 | $39,420.54 | $1,095.02 | $38,325.52 | $1,215.83 | |
| 14 | Jun 3, 2025 | $916.65 | $29,917.47 | $117.68 | $29,118.50 | $38,325.52 | $1,095.01 | $37,230.51 | $1,212.69 | |
| 15 | Jul 3, 2025 | $916.65 | $29,118.50 | $114.53 | $28,316.38 | $37,230.51 | $1,095.02 | $36,135.49 | $1,209.55 | |
| 16 | Aug 3, 2025 | $916.65 | $28,316.38 | $111.38 | $27,511.11 | $36,135.49 | $1,095.01 | $35,040.48 | $1,206.39 | |
| 17 | Sep 3, 2025 | $916.65 | $27,511.11 | $108.21 | $26,702.67 | $35,040.48 | $1,095.02 | $33,945.46 | $1,203.23 | |
| 18 | Oct 3, 2025 | $916.65 | $26,702.67 | $105.03 | $25,891.05 | $33,945.46 | $1,095.01 | $32,850.45 | $1,200.04 | |
| 19 | Nov 3, 2025 | $916.65 | $25,891.05 | $101.84 | $25,076.24 | $32,850.45 | $1,095.02 | $31,755.43 | $1,196.86 | |
| 20 | Dec 3, 2025 | $916.65 | $25,076.24 | $98.63 | $24,258.22 | $31,755.43 | $1,095.01 | $30,660.42 | $1,193.64 | |
| 21 | Jan 3, 2026 | $916.65 | $24,258.22 | $95.42 | $23,436.99 | $30,660.42 | $1,095.02 | $29,565.40 | $1,190.44 | |
| 22 | Feb 3, 2026 | $916.65 | $23,436.99 | $92.19 | $22,612.53 | $29,565.40 | $1,095.01 | $28,470.39 | $1,187.20 | |
| 23 | Mar 3, 2026 | $916.65 | $22,612.53 | $88.94 | $21,784.82 | $28,470.39 | $1,095.02 | $27,375.37 | $1,183.96 | |
| 24 | Apr 3, 2026 | $916.65 | $21,784.82 | $85.69 | $20,953.86 | $27,375.37 | $1,095.01 | $26,280.36 | $1,180.70 | |
| 25 | May 3, 2026 | $916.65 | $20,953.86 | $82.42 | $20,119.63 | $26,280.36 | $1,095.02 | $25,185.34 | $1,177.44 | |
| 26 | Jun 3, 2026 | $916.65 | $20,119.63 | $79.14 | $19,282.12 | $25,185.34 | $1,095.01 | $24,090.33 | $1,174.15 | |
| 27 | Jul 3, 2026 | $916.65 | $19,282.12 | $75.84 | $18,441.31 | $24,090.33 | $1,095.02 | $22,995.31 | $1,170.86 | |
| 28 | Aug 3, 2026 | $916.65 | $18,441.31 | $72.54 | $17,597.20 | $22,995.31 | $1,095.01 | $21,900.30 | $1,167.55 | |
| 29 | Sep 3, 2026 | $916.65 | $17,597.20 | $69.22 | $16,749.77 | $21,900.30 | $1,095.02 | $20,805.28 | $1,164.24 | |
| 30 | Oct 3, 2026 | $916.65 | $16,749.77 | $65.88 | $15,899.00 | $20,805.28 | $1,095.01 | $19,710.27 | $1,160.89 | |
| 31 | Nov 3, 2026 | $916.65 | $15,899.00 | $62.54 | $15,044.89 | $19,710.27 | $1,095.02 | $18,615.25 | $1,157.56 | |
| 32 | Dec 3, 2026 | $916.65 | $15,044.89 | $59.18 | $14,187.42 | $18,615.25 | $1,095.01 | $17,520.24 | $1,154.19 | |
| 33 | Jan 3, 2027 | $916.65 | $14,187.42 | $55.80 | $13,326.57 | $17,520.24 | $1,095.02 | $16,425.22 | $1,150.82 | |
| 34 | Feb 3, 2027 | $916.65 | $13,326.57 | $52.42 | $12,462.34 | $16,425.22 | $1,095.01 | $15,330.21 | $1,147.43 | |
| 35 | Mar 3, 2027 | $916.65 | $12,462.34 | $49.02 | $11,594.71 | $15,330.21 | $1,095.02 | $14,235.19 | $1,144.04 | |
| 36 | Apr 3, 2027 | $916.65 | $11,594.71 | $45.61 | $10,723.67 | $14,235.19 | $1,095.01 | $13,140.18 | $1,140.62 | |
| 37 | May 3, 2027 | $916.65 | $10,723.67 | $42.18 | $9,849.20 | $13,140.18 | $1,095.02 | $12,045.16 | $1,137.20 | |
| 38 | Jun 3, 2027 | $916.65 | $9,849.20 | $38.74 | $8,971.29 | $12,045.16 | $1,095.01 | $10,950.15 | $1,133.75 | |
| 39 | Jul 3, 2027 | $916.65 | $8,971.29 | $35.29 | $8,089.93 | $10,950.15 | $1,095.02 | $9,855.13 | $1,130.31 | |
| 40 | Aug 3, 2027 | $916.65 | $8,089.93 | $31.82 | $7,205.10 | $9,855.13 | $1,095.01 | $8,760.12 | $1,126.83 | |
| 41 | Sep 3, 2027 | $916.65 | $7,205.10 | $28.34 | $6,316.79 | $8,760.12 | $1,095.02 | $7,665.10 | $1,123.36 | |
| 42 | Oct 3, 2027 | $916.65 | $6,316.79 | $24.85 | $5,424.99 | $7,665.10 | $1,095.01 | $6,570.09 | $1,119.86 | |
| 43 | Nov 3, 2027 | $916.65 | $5,424.99 | $21.34 | $4,529.68 | $6,570.09 | $1,095.02 | $5,475.07 | $1,116.36 | |
| 44 | Dec 3, 2027 | $916.65 | $4,529.68 | $17.82 | $3,630.85 | $5,475.07 | $1,095.01 | $4,380.06 | $1,112.83 | |
| 45 | Jan 3, 2028 | $916.65 | $3,630.85 | $14.28 | $2,728.48 | $4,380.06 | $1,095.02 | $3,285.04 | $1,109.30 | |
| 46 | Feb 3, 2028 | $916.65 | $2,728.48 | $10.73 | $1,822.56 | $3,285.04 | $1,095.01 | $2,190.03 | $1,105.74 | |
| 47 | Mar 3, 2028 | $916.65 | $1,822.56 | $7.17 | $913.08 | $2,190.03 | $1,095.02 | $1,095.01 | $1,102.19 | |
| 48 | Apr 3, 2028 | $916.65 | $913.08 | $3.57 | $0.00 | $1,095.01 | $1,095.01 | $0.00 | $1,098.58 | |
| Totals | $56,585.50 | $4,024.80 | $52,560.70 | $0.00 | $56,585.50 | |||||
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 | $206.74 | |
| Finance Lease Liability | Interest accretion | $206.74 | |
| Finance Lease Liability | Lease payment | $13,502.95 | |
| Cash / Accounts Payable | Lease payment | $13,502.95 | |
| Amortization of ROU Asset | ROU amortization | $1,095.01 | |
| Accumulated Amortization - Finance ROU | ROU amortization | $1,095.01 | |
| In balance | $14,804.70 | $14,804.70 | |