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Merlin Co. leased equipment to Houdini Inc. The equipment cost the lessor $200,000. The appropriate interest rate for this lease is 15%. The annual lease payments are made at the end of each year. The lease term is 3 years. The residual value at the end of the lease term is expected to be $40,000. Houdini has the option to purchase the equipment at that time for $20,000. Assume this is a direct financing lease. Required: 1. For this lease: (a.) The lease payment computed by the lessor is $_____________ (b.) The amount the lessee should capitalize is $____________ 2. How much interest should be recognized at the end of year 1 by the: (a.) Lessor? $__________ (b.) Lessee? $__________
Illustrate the effects of the payment of the face value of bonds at maturity on the accounts and financial statements.
Select a company that you are familiar with from the transportation industry.
A pension asset is reported when: a. the accumulated benefit obligation exceeds the fair value of pension plan assets. b. the accumulated benefit obligation exceeds the fair value of pension plan assets, but a prior service cost exists.
on march 31 2011 southwest gas leased equipment from a supplier and agreed to pay 213000 annually for 19 years
Prepare an 10-minute presentation and make a recommendation about buying the stock based on the information in the financials and other information which you gather.
accounting study guide need all subjects explained as much as possible1. know and understand the fundamental accounting
Identify the relevant costs to make this part internally and should Sycamore produce the part or continue to buy it from the outside supplier?
What are the three sections of a comprehensive annual financial report (CAFR) What information is contained in each section How do the minimum requirements for general purpose external financial reporting related in scope to the CAFR
on january 1 of year 1 drum line airways issued 3500000 of par value bonds for 3200000. the bonds pay interest
started in process 9200 units completed and on hand 700units in process at end of period 1000 units complete as
lankston company began the year by issuing 60000 of common stock for cash. the company recorded revenues of 550000
from the friday night lights video analyze the various types of verbal and nonverbal communication to determine what
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