On 31 December 2003, Zapp Company executed a 12-year lease with annual payments of $ 900000 beginning 31 December 2004, for factory equipment. The economic life of the equipment was 18 years. The interest rate implicit in the lease was eight percent. Zapp’ s incremental borrowing rate was 11 percent. Zapp may purchase the equipment at the end of the lease at the then-current fair market value of the equipment. The fair market value of the equipment at the inception of the lease was $ 8000000. Zapp’ s Income Statement for the year ended 31 December 2004, is as follows (note that this statement is prepared under the assumption that the factory equipment lease was a capital lease) :
| Sales | $ 22000000 |
| Cost of Goods Sold | ( 9000000 ) |
| Gross Profit | 13000000 |
| Depreciation on Lease | (565206) |
| Other Depreciation | ( 2900000 ) |
| Sales and Administration | (2600000) |
| Operating Profit | 6934.794 |
| lnterest Expense on Lease | (542838) |
| Other Interest Expense | ( 1900000 ) |
| Income Taxes | ( 2000000 ) |
| Net Income | $ 2491956 |
A. decrease from 11.33 percent to 9.67 percent.
B. increase from 11.33 percent to 15.42 percent.
C. increase from 11.33 percent to 12.27 percent.
参考答案：C
解析：
Zapp’ s lease is classified as an operating lease. The present value of the lease payments using n 8% interest rate, which is the minimum of the lessee’ s incremental borrowing rate ( 11% ) or the rate implicit in the lease (8%), is $6782470 (N =12, I/Y =8, FV =0, PMT= 900000, CPT PV). This is less than 90% of the value of the lair value of the asset ($6782470/$8000000 = 84.8% ). The 900000 payment made 31 December 2004, was allocated ( $6782470×0.08=) $ 542838 to interest and ( $ 900000 - $ 542838 = ) $ 357162 to principal. Depreciation expense was computed over 12 years on a straight line basis ( $ 6782470/12 = ) $ 565206. Adjusting the income statement to add back depreciation on lease and also to add back interest on lease and subtract lease expense results in net income of ( $ 2491956 + $ 542838 + $ 565206 -$900000 =) $ 2700000. The net profit margin ( net income/net sales) then increases from ( $2491956/$ 22000000 = ) 11.33 percent by the capital lease calculation to ( $2700000/ $ 22000000 = ) 12.27 percent by the operating lease calculation.