Lakeside Incorporated manufactures four lines of remote control boats and uses activity-based costing to calculate product cost. M4-11 (Algo) Assigning Costs Using Activity Rates [LO 4-4] Required: Suppose the Speedy boat requires 2,780 machine hours, 100 batches, and 300 inspections. Using the activity rates, determine the amount of overhead assigned to the Speedy product line. Note: Do not round your intermediate calculations and round your final answers to the nearest dollar amount. Required: Suppose the Luxury boat requires 7,800 machine hours, 98 batches, and 235 inspections. Using activity proportions, determine the amount of overhead assigned to the Luxury product line. Note: Round your final answers to the nearest whole number. .

1. Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Blue
Company. The following information relates to this agreement. 1. The term of the non-
cancelable lease is 3 years with no renewal option. The equipment has an estimated economic
life of 5 years. 2. The fair value of the asset at January 1,2020 , is $79 , 000 . 3. The asset will
revert to the lessor at the end of the lease term, at which time the asset is expected to have a
residual value of $9 , 000 , none of which is guaranteed. 4. The agreement requires equal annual
rental payments of $24 , 288.56 to the lessor, beginning on January 1,2020 . 5. The lessee's
incremental borrowing rate is 4% . The lessor's implicit rate is 3% and is unknown to the lessee.
6. Blue uses the straight-line depreciation method for all equipment. Click here to view factor
tables. Prepareall of the journal entries for the lessee for 2020 to record the lease agreement, the
lease payments, and all expenses related to this lease. Assume the lessee's annual accounting
period ends on December 31 . (For calculation pumposes, use 5 decimal ploces as indented when
the amount is entersd. Do not indent manually. Recond joumal entries in the order presented in
the problem.) F F = ( 1 + i ) r (n) P F n = ( t + i ) a 1 = ( t + n ) n (n) (n)