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On January 1, 2008, Carley Corporation signed a five-year non-cancelable lease for equipment. The terms of the lease called for Carley to make annual payments of $60,000 at the end of each year for five years with title to pass to Carley at the end of this period. The equipment has an estimated useful life of 7 years and no salvage value. Carley uses the straight-line method of depreciation for all of its fixed assets. Carley accordingly accounts for this lease transaction as a capital lease. The minimum lease payments were determined to have a present value of $227,448 at an effective interest rate of 10%.
With respect to this capitalized lease, for 2008 calculate how much Carley should record for both interest expense and depreciation expense.
With respect to this capitalized lease, for 2009 calculate how much Carley should record for both interest expense and depreciation expense (if any):
Nortan's outstanding stock consists of (a) 32,000 shares of noncumulative 8.00% preferred stock with a $10 par value and (b) 80,000 shares of common stock with a $1 par value. During its first four years of operation, the corporation declared and ..
Compute production cost per unit under absorption costing.
The cost associated with maintaining rural highways follows a predictable pattern. There're basically no costs for the first three years, but thereafter maintenance is needed for restriping, weed control, light replacement, shoulder repairs, etc.
What client information is needed by auditors in creating lead schedules? Answer Interim statements prepared by the client for the company's 3rd quarter financial results.
Compute the budgeted profit at the expected volume of 600.000 units under both the old and the new product. Compute the budgeted break-even points under both the old and the new production
In 1998, Delores made taxable gifts to her son of property with a FMV of $200,000. In the current year when Delores dies, the property is worth $800,000. The amount included in Delores's estate tax base because of the 1998 gift is:
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation?
Interest is paid semiannually on December 1 and June 1 and the bonds mature on December 1, 2014. Menke uses straight-line amortization. Ignoring income taxes, the amount reported in Menke's 2010 income statement from this investment should be?
Elton, Inc., which owes Boston Co. $900,000 in notes payable, is in financial difficulty. To eliminate the debt, Boston agrees to accept from Elton land having a fair market value of $680,000 and a recorded cost of $510,000.
What is the impairment loss for Collier Company under a) IFRS and b) US GAAP?
Explorer, Inc., manufactures lanterns for camping. The company's direct labor rates have been set by the terms of the current labor contract. Direct labor rate standards have been assigned for each job classification.
It is expected to increase net annual cash flows by $25,000. The company's borrowing rate is 8%. Its cost of capital s 10%. Calculate the net present value of this project to the company?
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