Prepare all necessary journal entries for windsor for lease

Assignment Help Accounting Basics
Reference no: EM132586322

On December 31, 2019, Windsor Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Windsor to make annual payments of $9,353 at the beginning of each year, starting December 31, 2019. The machine has an estimated useful life of 6 years and a $4,800 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Windsor uses the straight-line method of depreciation for all of its plant assets. Windsor's incremental borrowing rate is 15%, and the lessor's implicit rate is unknown.

Question 1: Prepare all necessary journal entries for Windsor for this lease through December 31, 2020. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.)

Reference no: EM132586322

Questions Cloud

Find what is the amount of deferred revenue to be reported : The present value of the rental payments for the one year is $34,900. What is the amount of deferred revenue to be reported?
Effect of a new drug called remdesivir on covid-19 patients : Scientists wanted to figure out the effect of a new drug called remdesivir on COVID-19 patients.
What is the amount of deferred revenue to be reported : On December 31, 2017, Ivanhoe Inc. sold computer equipment to Daniell Co., What is the amount of deferred revenue to be reported?
Describe the dynamic leadership processes : Carefully identify and name up to three (3) reasons for the lack of research on dynamic leadership processes? provide a clear narrative for each of the reasons.
Prepare all necessary journal entries for windsor for lease : Prepare all necessary journal entries for Windsor for this lease through December 31, 2020. (Record journal entries in the order presented in the problem.)
How many different gametes can be produced : How many different gametes can be produced from the Yy Ss Tt genotype? Write them all out.
Prepare kingbird january journal entries : Prepare Kingbird's January 1, 2017, journal entries.Kingbird Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company
How has photography been used tool for social critique : How has photography been used a tool for social critique from 1832 to the present and Discuss four photographs by different artists during the period
Bloomberg busienssweek article-management : What are the business reasons behind John Deere's offshoring of tractorproduction from the U.S. to other countries?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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