Accounting for a car lease final buy-out with asset trade in

In 2011 I paid cash ($8573) for a 2005 used Altima and created an asset for it with that value. I just traded it in and got $5000 toward a 3 year lease of a 2019 Tucson. They also applied a $2000 rebate. Then I had to give them an additional $4445.24 cash for:
Capitalized Cost Reduction 9066.50
Sales/Use tax on capitalized cost reduction 284.66
First monthly payment 445.24 (29.13 of which is monthly tax)
Initial license, title & registration fees 188.04
Sales/Use Tax 92.30
Doc fee 1311.50
Tire fee 7.00
Filing 50.00
So total at signing = 11445.24.
So, how do I account for the Altima trade in of $5000 and the asset now being gone. I understand that the lease is just an expense with no asset/liability account involved, but if I buy the car at the end of the lease I want to be able to account for the total I paid for it, including the amount upfront, the 3 years of payments, and the final buyout amount.
Additional info from the paperwork:
Gross Capitalized Cost 37029.00
Residual Value at end of lease 15954.55
Depreciation & any amortized amounts 12007.95
Rent charge 2972.01
Total of base monthly payments 14979.96
Total monthly payment 416.11 + 29.13 tax = 445.24 = 16028.64 over 36 months.
Any assistance you can give for this would be greatly appreciated. Bottom line is I'm trying to keep my net worth as accurate as possible.
Thank you!

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Answers

  • Nancy R CservakNancy R Cservak Member ✭✭
    Thank you, I think I get it.
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