On July 1, 20x9, leasing company T leased an equipment for 5 years with annual lease payments of $20,000. The first rental payment is paid immediately upon signing the lease and subsequent annual payments are paid on July 1. This equipment can be purchased from the lessor for a purchase price of $80,747. The implicit interest rate of this lease is 12%. The fiscal year ends June 30.
Required:
1. Prepare a journal entry to record company T's leasing activities on July 1, 20x9.
2. Prepare a plan to pay interest and principal of the lessee.
3. Prepare a depreciation calculation table for leased assets.
4. Prepare the lessee's journal entry from June 30, 20x10 to June 30, 20x12.
5. Prepare the lessor's journal entry from July 1, 20x9 to June 30, 20x11 if the lessor classifies it as a finance lease.
6. Prepare the lessor's journal entry from July 1, 20x9 to June 30, 20x11 if the lessor classifies it as an operating lease.