PU81
financeActive1FTEX3LP7RKD38654 - 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 81 · 1FTEX3LP7RKD38654
- 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
- $56,622.20
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 52594.15 / 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
- $52,594.15
- + Initial direct costs
- $0.00
- + Prepayment
- $0.00
- + Lease incentive
- $0.00
- = ROU asset
- $52,594.15
- Lease liability
- $52,594.15
Initial journal entry
Posted May 3, 2024
| Account | Memo | Debit | Credit |
|---|---|---|---|
| ROU Asset - Finance Leases | Recognize ROU asset at commencement | $52,594.15 | |
| Finance Lease Liability | Recognize lease liability | $52,594.15 | |
| In balance | $52,594.15 | $52,594.15 | |
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 3, 2024 | $13,504.40 | $52,594.15 | $206.87 | $39,296.62 | $52,594.15 | $1,095.71 | $51,498.44 | $1,302.58 | |
| 2 | Jun 3, 2024 | $917.40 | $39,296.62 | $154.57 | $38,533.79 | $51,498.44 | $1,095.71 | $50,402.73 | $1,250.28 | |
| 3 | Jul 3, 2024 | $917.40 | $38,533.79 | $151.57 | $37,767.96 | $50,402.73 | $1,095.71 | $49,307.02 | $1,247.28 | |
| 4 | Aug 3, 2024 | $917.40 | $37,767.96 | $148.55 | $36,999.11 | $49,307.02 | $1,095.71 | $48,211.31 | $1,244.26 | |
| 5 | Sep 3, 2024 | $917.40 | $36,999.11 | $145.53 | $36,227.24 | $48,211.31 | $1,095.71 | $47,115.60 | $1,241.24 | |
| 6 | Oct 3, 2024 | $917.40 | $36,227.24 | $142.49 | $35,452.33 | $47,115.60 | $1,095.71 | $46,019.89 | $1,238.20 | |
| 7 | Nov 3, 2024 | $917.40 | $35,452.33 | $139.45 | $34,674.38 | $46,019.89 | $1,095.71 | $44,924.18 | $1,235.16 | |
| 8 | Dec 3, 2024 | $917.40 | $34,674.38 | $136.39 | $33,893.37 | $44,924.18 | $1,095.71 | $43,828.47 | $1,232.10 | |
| 9 | Jan 3, 2025 | $917.40 | $33,893.37 | $133.31 | $33,109.28 | $43,828.47 | $1,095.71 | $42,732.76 | $1,229.02 | |
| 10 | Feb 3, 2025 | $917.40 | $33,109.28 | $130.23 | $32,322.11 | $42,732.76 | $1,095.71 | $41,637.05 | $1,225.94 | |
| 11 | Mar 3, 2025 | $917.40 | $32,322.11 | $127.13 | $31,531.84 | $41,637.05 | $1,095.71 | $40,541.34 | $1,222.84 | |
| 12 | Apr 3, 2025 | $917.40 | $31,531.84 | $124.03 | $30,738.47 | $40,541.34 | $1,095.71 | $39,445.63 | $1,219.74 | |
| 13 | May 3, 2025 | $917.40 | $30,738.47 | $120.90 | $29,941.97 | $39,445.63 | $1,095.71 | $38,349.92 | $1,216.61 | |
| 14 | Jun 3, 2025 | $917.40 | $29,941.97 | $117.77 | $29,142.34 | $38,349.92 | $1,095.71 | $37,254.21 | $1,213.48 | |
| 15 | Jul 3, 2025 | $917.40 | $29,142.34 | $114.63 | $28,339.57 | $37,254.21 | $1,095.71 | $36,158.50 | $1,210.34 | |
| 16 | Aug 3, 2025 | $917.40 | $28,339.57 | $111.47 | $27,533.64 | $36,158.50 | $1,095.71 | $35,062.79 | $1,207.18 | |
| 17 | Sep 3, 2025 | $917.40 | $27,533.64 | $108.30 | $26,724.54 | $35,062.79 | $1,095.71 | $33,967.08 | $1,204.01 | |
| 18 | Oct 3, 2025 | $917.40 | $26,724.54 | $105.12 | $25,912.26 | $33,967.08 | $1,095.71 | $32,871.37 | $1,200.83 | |
| 19 | Nov 3, 2025 | $917.40 | $25,912.26 | $101.92 | $25,096.78 | $32,871.37 | $1,095.71 | $31,775.66 | $1,197.63 | |
| 20 | Dec 3, 2025 | $917.40 | $25,096.78 | $98.71 | $24,278.09 | $31,775.66 | $1,095.71 | $30,679.95 | $1,194.42 | |
| 21 | Jan 3, 2026 | $917.40 | $24,278.09 | $95.49 | $23,456.18 | $30,679.95 | $1,095.71 | $29,584.24 | $1,191.20 | |
| 22 | Feb 3, 2026 | $917.40 | $23,456.18 | $92.26 | $22,631.04 | $29,584.24 | $1,095.71 | $28,488.53 | $1,187.97 | |
| 23 | Mar 3, 2026 | $917.40 | $22,631.04 | $89.02 | $21,802.66 | $28,488.53 | $1,095.71 | $27,392.82 | $1,184.73 | |
| 24 | Apr 3, 2026 | $917.40 | $21,802.66 | $85.76 | $20,971.02 | $27,392.82 | $1,095.71 | $26,297.11 | $1,181.47 | |
| 25 | May 3, 2026 | $917.40 | $20,971.02 | $82.49 | $20,136.11 | $26,297.11 | $1,095.71 | $25,201.40 | $1,178.20 | |
| 26 | Jun 3, 2026 | $917.40 | $20,136.11 | $79.20 | $19,297.91 | $25,201.40 | $1,095.71 | $24,105.69 | $1,174.91 | |
| 27 | Jul 3, 2026 | $917.40 | $19,297.91 | $75.91 | $18,456.42 | $24,105.69 | $1,095.71 | $23,009.98 | $1,171.62 | |
| 28 | Aug 3, 2026 | $917.40 | $18,456.42 | $72.60 | $17,611.62 | $23,009.98 | $1,095.71 | $21,914.27 | $1,168.31 | |
| 29 | Sep 3, 2026 | $917.40 | $17,611.62 | $69.27 | $16,763.49 | $21,914.27 | $1,095.71 | $20,818.56 | $1,164.98 | |
| 30 | Oct 3, 2026 | $917.40 | $16,763.49 | $65.94 | $15,912.03 | $20,818.56 | $1,095.71 | $19,722.85 | $1,161.65 | |
| 31 | Nov 3, 2026 | $917.40 | $15,912.03 | $62.59 | $15,057.22 | $19,722.85 | $1,095.71 | $18,627.14 | $1,158.30 | |
| 32 | Dec 3, 2026 | $917.40 | $15,057.22 | $59.23 | $14,199.05 | $18,627.14 | $1,095.71 | $17,531.43 | $1,154.94 | |
| 33 | Jan 3, 2027 | $917.40 | $14,199.05 | $55.85 | $13,337.50 | $17,531.43 | $1,095.71 | $16,435.72 | $1,151.56 | |
| 34 | Feb 3, 2027 | $917.40 | $13,337.50 | $52.46 | $12,472.56 | $16,435.72 | $1,095.71 | $15,340.01 | $1,148.17 | |
| 35 | Mar 3, 2027 | $917.40 | $12,472.56 | $49.06 | $11,604.22 | $15,340.01 | $1,095.72 | $14,244.29 | $1,144.78 | |
| 36 | Apr 3, 2027 | $917.40 | $11,604.22 | $45.64 | $10,732.46 | $14,244.29 | $1,095.71 | $13,148.58 | $1,141.35 | |
| 37 | May 3, 2027 | $917.40 | $10,732.46 | $42.21 | $9,857.27 | $13,148.58 | $1,095.72 | $12,052.86 | $1,137.93 | |
| 38 | Jun 3, 2027 | $917.40 | $9,857.27 | $38.77 | $8,978.64 | $12,052.86 | $1,095.71 | $10,957.15 | $1,134.48 | |
| 39 | Jul 3, 2027 | $917.40 | $8,978.64 | $35.32 | $8,096.56 | $10,957.15 | $1,095.72 | $9,861.43 | $1,131.04 | |
| 40 | Aug 3, 2027 | $917.40 | $8,096.56 | $31.85 | $7,211.01 | $9,861.43 | $1,095.71 | $8,765.72 | $1,127.56 | |
| 41 | Sep 3, 2027 | $917.40 | $7,211.01 | $28.36 | $6,321.97 | $8,765.72 | $1,095.72 | $7,670.00 | $1,124.08 | |
| 42 | Oct 3, 2027 | $917.40 | $6,321.97 | $24.87 | $5,429.44 | $7,670.00 | $1,095.71 | $6,574.29 | $1,120.58 | |
| 43 | Nov 3, 2027 | $917.40 | $5,429.44 | $21.36 | $4,533.40 | $6,574.29 | $1,095.72 | $5,478.57 | $1,117.08 | |
| 44 | Dec 3, 2027 | $917.40 | $4,533.40 | $17.83 | $3,633.83 | $5,478.57 | $1,095.71 | $4,382.86 | $1,113.54 | |
| 45 | Jan 3, 2028 | $917.40 | $3,633.83 | $14.29 | $2,730.72 | $4,382.86 | $1,095.72 | $3,287.14 | $1,110.01 | |
| 46 | Feb 3, 2028 | $917.40 | $2,730.72 | $10.74 | $1,824.06 | $3,287.14 | $1,095.71 | $2,191.43 | $1,106.45 | |
| 47 | Mar 3, 2028 | $917.40 | $1,824.06 | $7.17 | $913.83 | $2,191.43 | $1,095.72 | $1,095.71 | $1,102.89 | |
| 48 | Apr 3, 2028 | $917.40 | $913.83 | $3.57 | $0.00 | $1,095.71 | $1,095.71 | $0.00 | $1,099.28 | |
| Totals | $56,622.20 | $4,028.05 | $52,594.15 | $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 | $206.87 | |
| Finance Lease Liability | Interest accretion | $206.87 | |
| Finance Lease Liability | Lease payment | $13,504.40 | |
| Cash / Accounts Payable | Lease payment | $13,504.40 | |
| Amortization of ROU Asset | ROU amortization | $1,095.71 | |
| Accumulated Amortization - Finance ROU | ROU amortization | $1,095.71 | |
| In balance | $14,806.98 | $14,806.98 | |