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The following facts pertain to a noncancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee. Inception date: May 1, 2012 Annual lease payment due at the beginning of each year, beginning with May 1, 2012 $18,537.69 Bargain-purchase option price at end of lease term $3,960.00 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $63,400.00 Fair value of asset at May 1, 2012 $78,400.00 Lessor's implicit rate 11 % Lessee's incremental borrowing rate 11 % The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. (c) Prepare a lease amortization schedule for Gill Company for the 5-year lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and Round answers to 2 decimal places, e.g. 15.25.) GILL COMPANY (Lessee) Lease Amortization Schedule Date Annual Lease Payment Plus BPO Interest on Liability Reduction of Lease Liability Lease Liability 5/1/12 5/1/12 5/1/13 5/1/14 5/1/15 5/1/16 4/30/17 Total
explain the types of principles and concepts of financial accountin
What was the business strategy underlying the merger? How was the acquisition financed? Was it a vertical, horizontal or conglomerate merger? The strategy behind those merge
Q. Show Advantages of financial intermediation? The advantages of financial intermediation are as follows Investors are able to pool their funds in a bank deposit account to
Disclaimer of leases In principle where the bankrupt is a lessee the lease cannot be disclaimed without leave of the court; but such leave is not required in the following case
Requirements: Part I Access the IFRS and the Generally Accepted Accounting Principles (GAAP) of your country. a. Note ten differences between the two sets of GAAP. Part II Ac
how to do it in samply form?
Q. What is Short Sale? Short Sale - Sale of an item before it is purchased. A person entering into a short sale believes that the price of item will decline between date of the
An annuity is explained as stream of uniform duration cash flows. The payment of life insurance premium through the policyholder to the insurance company is an illustration of an a
Retained Earnings had a beginning balance of $2,758,000 and an ending balance of $3,885,700. Total revenues for the year were 3,790,800. During the year 130,300 in dividends were d
Types of interest given under a will The interest given in a legacy, devise or gift of residue may be of the following kinds:- 1. Vested: A vested interest gives an immedi
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