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problem: On January 1, 2009, the Needy Firm signed a lease that need payments of $90,000 per year for eight (8) years with each payment made at the end of every year. The interest rate is 10 percent. The property cost the less or $400,000. Make any necessary simplifying assumptions as we did in class.

[A] If the lease is an operating lease, demonstrate all the effects of the lease on the 2009 financial statements of the lessee.

[B] If the lease is a capital lease, demonstrate all the effects of the lease on the 2009 financial statement of the lessee.

[C] If the lease in an operating lease, demonstrate all the effects of the lease on the 2009 financial statements of the lessor – a manufacturer.

[D] If the lease is a capital lease demonstrate all the effects of the lease on the 2009 financial statement of the lessor – a manufacturer.

[E] If the lease is a capital lease, demonstrate all the effects of the lease on the 2009 financial statements of the lessor – a financial institution.

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