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Welcome to Midwest Manufacturing Co. • January 2025
ASC 842 Compliance Score
98/100
All 12 leases properly classified and reported
Total ROU Assets
$2,418,650
↓ $42,180 from last month (amortization)
Total Lease Liability
$2,156,840
↓ $38,920 from last month
Fixed Assets (Net)
$847,320
↓ $14,560 depreciation
🔔 Action Items
3 items need attention
Lease Renewal Decision Required
Review Lease
Vehicle Fleet Lease #VH-2022-001 expires in 45 days. Renewal option must be exercised by Feb 15, 2025.
Disposal Pending Approval
Review
CNC Machine (Asset #FA-2021-015) disposal submitted by Mike Chen awaiting your approval.
Tax Optimization Opportunity
Review Assets
2 assets placed in service this month are eligible for Section 179 deduction ($87,400 potential savings).
📋 Lease Portfolio Summary
View All
Operating Leases
8 leases
ROU Asset
$1,842,400
Liability
$1,698,200
Monthly Expense
$48,250
Finance Leases
4 leases
ROU Asset
$576,250
Liability
$458,640
Monthly Interest
$2,840
Upcoming Expirations
MAR
15
Vehicle Fleet Lease
12 vehicles • $189,750 liability
JUL
01
Dallas Warehouse
45,000 sq ft • $456,200 liability
DEC
31
Copier/Printer Lease
15 units • $24,800 liability
🏢 Fixed Asset Summary
View All
Machinery & Equipment
$382,200
Vehicles
$211,800
IT Equipment
$152,480
Furniture & Fixtures
$100,840
Depreciation This Month
Book (GAAP)
$14,560
Tax (MACRS)
$28,420
Deferred Tax Impact
$3,465
Recent Activity
New Forklift Added
$45,200 • Section 179 eligible
Jan 18
Server Upgrade
$42,200 • 5-yr MACRS
Jan 12
CNC Machine Disposal
Pending approval • $8,400 gain
Jan 10
📒 January 2025 Journal Entries
| Date | Description | Account | Debit | Credit |
|---|---|---|---|---|
| Lease Amortization - Operating Leases | ||||
| Jan 31 | Monthly lease expense - HQ Office | Lease Expense | $24,500.00 | — |
| ROU Asset - Operating | — | $18,420.00 | ||
| Lease Liability - Operating | — | $6,080.00 | ||
| Fixed Asset Depreciation | ||||
| Jan 31 | Monthly depreciation - All assets | Depreciation Expense | $14,560.00 | — |
| Accumulated Depreciation | — | $14,560.00 | ||
| Total | $39,060.00 | $39,060.00 | ||