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On Feb 20 2011 Hooke Inc purchased a machine for $1200000 for the purpose of leasing it. The machine is epected tohave a 10 year life ,noresidual value and will be depreciated on the straightline basis. The machine was leased to Sage company on March 01 2011 for a 4 year period at monthly rental of $15600. There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expiration of the lease term. Hooke paid n$ 30000 of commissions associated with negotiating the lease in Feb 2011
A. What expense shoukd sage record as a result of the facts above for the year ended DEC 31 2011,show supporting computations in good form.
B. What income or loss before income taxes should hooke record as a result for the facts above for the year ended DeC 31 2011
How much higher or lower will net operating income be for the year if the underapplied or overapplied overhead is allocated rather than closed directly to cost of goods sold?
You bought a stock three months ago for $73.82 per share. The stock paid no dividends. The current share price is $76.09.
Assume that the division is using absorption costing and that the divisional manager is giben an annual bonus based on divisional operating income. If Mr Cavalas wants to maximize his division's operating income for the year,how many units should ..
if you are driving in your own car to another city, how much will it really cost you to make that drive? Should you include the cost of the car, part of the cost of the car, none of it? What if a friend asked if he could ride with you? What is the..
Two parties seek to perform a like-kind exchange. The first party has real property with a FMV of $350,000 and a loan of $50,000. She purchased the property for $150,000 in 1996 and has since depreciated the property by $50,000.
The deposits are based on the container cost marked up 20%. How much profit did Slotnick realize on the forfeited deposits?
Apr.17 Purchased 20,000 shares of Company W common stock for $395,000 plus a brokerage fee of $3,500. The shares represent a 30% ownership in Company W.
What are several possible explanations for the markdown and slow sale of common waleth Edison's bonds?
What is the impact of accounting errors on the balance sheet and income statement? How are errors handled?
Prepare the entries for Todd Company for the purchase of the stock, share of McGuire income and dividends received from McGuire.
Given the above information, determine Rupina's gross margin for the year. Note that since this was the company's first year of operations, beginning inventory was zero.
Over the last two years, Ed had spent nearly $600,000 in attorney fees. Ed had even offered his brother-in-law 50% of the winnings. How and where would you deduct the attorney fees?
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