Plymouthville leased equipment with a fair

Assignment Help Accounting Basics
Reference no: EM13869728

Plymouthville leased equipment with a fair market value of $ 905,863. The life of the noncancellable lease is 10 years, and the economic life of the property is 10 years. Using an 8 percent interest rate, the present value of the minimum lease payments is $ 905,863. The first payment of $ 125,000 is due January 1 of the current year. Each additional payment is due on the first of January in the next 9 years. What is the amount of the asset to be recorded in Plymouthville, Capital Projects Fund? If no asset will be recorded, explain why.

Reference no: EM13869728

Questions Cloud

Characteristics of constructivist learning theory : characteristics of constructivist learning theory might he apply here?
Think spike lee chose to end do the right thing : think Spike Lee chose to end Do The Right Thing
Crystal orientation of silicon : How long does it take to grow 100nm of oxide in wet oxygen at 1000oc (assume 100crystal orientation of silicon) ? In dry oxygen? Which process would be perfect?
Central characteristic of the working stage of a group : Discuss how the development of cohesion is a central characteristic of the working stage of a group. What is your understanding of "group cohesion"? What factors lead to this unity in a group
Plymouthville leased equipment with a fair : Plymouthville leased equipment with a fair market value of $ 905,863. The life of the noncancellable lease is 10 years, and the economic life of the property is 10 years. Using an 8 percent interest rate, the present value of the minimum lease pay..
Strain and displacement fields in elastic layer : Problem: Find the stress, strain and displacement fields in elastic layer structure shown below.
Identify and evaluating the effectiveness of literacy strate : Identify and evaluating the effectiveness of literacy strategies
Explain why a separate fund generally is used to account : Explain why a separate fund generally is used to account for the construction and acquisition of major general capital assets.
Differences between group counseling and group psychotherapy : Define group psychotherapy. What are some of the basic differences between group counseling and group psychotherapy with respect to goals, format, structure, process, and focus

Reviews

Write a Review

Accounting Basics Questions & Answers

  Application of linear eqautions

An art dealer sold two artworks at $1520 thereby making a profit of 25% on the first work and 10% on the second, where as if he had approached any exhibition he would have sold them together for $1535 with a profit of 10% on the first and 25% on t..

  The views on capitalization of leased assets

What are some of the views on capitalization of leased assets?

  What is the break-even sales volume and dollars

What is the break-even sales volume and dollars for each nut? Rounded.

  Ljb company a local distributor has asked your accounting

ljb company a local distributor has asked your accounting firm to evaluate their system of internal controls because

  What is the controller role in strategy implementation

What is the controller's role in strategy implementation? Be sure to provide specific examples in your answer.

  What is renees domestic production

What is Renees domestic production activities deduction for the gadget in each of the following alternative scenarios

  If bonbon corp issued a 10-year bond 5 years ago with a

if bonbon corp. issued a 10-year bond 5 years ago with a coupon rate of 13 that currently sells for 1075 what is

  Carson morris worked two separate jobs for horwath company

carson morris worked two separate jobs for horwath company during the week. job a consisted of 36 hours at 16.00 per

  A financial adviser with a client in the wholesale produce

a financial adviser with a client in the wholesale produce business that just completed its first year of operations.

  If preparation of a periodic scrap report is essential in

if preparation of a periodic scrap report is essential in order to maintain adequate control over the manufacturing

  Kathy myers frequently purchases stocks and bonds but she

kathy myers frequently purchases stocks and bonds but she is uncertain how to determine the rate of return that she is

  Columbia bank and trust is considering giving gallup

columbia bank and trust is considering giving gallup company a loan. before doing so it decides that further

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd