Reference no: EM132586505
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Shamrock Company. The following information relates to this agreement.
1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years.
2. The fair value of the asset at January 1, 2020, is $85,000.
3. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $5,000, none of which is guaranteed.
4. The agreement requires equal annual rental payments of $27,911 to the lessor, beginning on January 1, 2020.
5. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee.
6. Shamrock uses the straight-line depreciation method for all equipment.
Question 1: Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreement, the lease payments, and all expenses related to this lease.
|
Define the flight constructor to accept all instance data
: Design and implement a class called Flight that represents an airline flight. It should contain instance data that represents the airline name, flight number.
|
|
What date should the company decrease working capital
: Another 10,000 shares were repurchased on April 25, Year One. On what date should the company decrease its working capital as a result of this dividend ?
|
|
Assignment - DNA replication Thought Questions
: Assignment - DNA replication Thought Questions. If you draw one replication bubble, how many replication forks have you drawn
|
|
The human resource development positions
: Discuss why those in the human resource development positions are in a prime position to facilitate the change process.
|
|
Prepare all of the journal entries for the lessee
: Prepare all of the journal entries for the lessee for 2020 and 2021 to record the lease agreement, the lease payments, and all expenses
|
|
Explain how the works of max ernst works
: Explain how the works of Max Ernst's works, The Elephant Celebes or Two Children Are Threatened by a Nightingale, reflected Dadaism.
|
|
Discuss what the chart is used for and why you selected it
: Select a chart type from the text and discuss what the chart is used for and why you selected it. (The author has included a lot of different chart types.
|
|
Explain regulation of gene expression in eukaryotic cells
: Write a 1,050- to 1,400-word paper examining the process of gene expression. Explain regulation of gene expression in eukaryotic cells
|
|
Prepare journal entries in nambas books
: Prepare journal entries in Nambas books from 2017 to 2019 to account for the effects of foreign transactions as per IAS 21, the effects of changes
|