Incentive Industries Enters into a Lease Agreement with Bumble Motors

question 138

Essay

Incentive Industries enters into a lease agreement with Bumble Motors to lease an automobile with a fair
Assuming that this is classified as an operating lease, create an amortization table for the right-of-use asset?
Amortization of Right-of-Use Asset
$$\begin{array} { | l | l | l | l | } \hline & \text { Lease Expense } & \text { Interest } & \begin{array} { c } \text { Amortization of Right- } \\\text { of-Use Asset }\end{array} \\\hline 12 / 31 / 2019 & & & \\\hline 12 / 31 / 2020 & & & \\\hline 12 / 31 / 2021 & & & \\\hline 12 / 31 / 2022 & & & \\\hline 12 / 31 / 2023 & & & \\\hline \text { Total } & & & \\\hline\end{array}$$

---

Definitions:

French and Indian War

A conflict between 1754 and 1763 in North America, part of a global struggle between France and Britain, leading to British dominance in North America.

European Monarch

A sovereign ruler of a European nation, often inheriting their position through royal lineage and ruling for life or until abdication.

Pontiac

An influential leader among the Native American tribes of the Great Lakes region in the 18th century, known for leading a rebellion against the British military presence (1763-1766).