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Problem
On January 1, Year1, A Corporation leased equipment to B Corporation under a direct financing lease designed to earn A Corporation a 10% rate of return for providing long-term financing. The lease agreement specified:
1.10 annual payments of $54,000 are due each December 31, at the end of the lease year2. The $54,000 includes executory costs of 4,000 per year. The $4,000 of executory costs reimburse the lessor for maintenance costs3.It is a capital lease and the present value of the minimum lease payments for both lessee and lessor was $307,229
Record the journal entry for the $54,000 cash payment made by the lessee on December 31, Year1.
caculate the book value of a three-year old machine that cost 400000 has an estimated residual value of 40000 and has
grand champion inc. purchased americas sweethearts corporation on january 1 2013. at the time americas sweethearts had
a product sells for 220 per unit and its variable costs per unit are 146. the fixed costs are 424000. if the firm wants
abc company has three in-house salespeople red white and blue who all make frequent trips to santa fe new mexico where
Katy Williams is the manager of Blue Light Arcade. The company provides entertainment for parties and special events. Prepare journal entries for the following events relating to the year ended December 31. If the event is not a transaction, write no..
ACC203 Accounting Information Individual Assignment. You have to provide an individual work report on how you have worked to produce your MYOB assignment. Major part of your individual report is to practice "Audit Around the Computer Approach" and ..
1.Early in its fiscal year ending December 31, 2013, San Antonio Outfitters finalized plans to expand operations.
As a guide, describe the computation of a fiduciary entity's accounting income, taxable income, and distributable net income.
presented below is information related to equipment owned by pujols company at december 31 2014.cost residual value
What is an accounting period?
Prepare journal entries for the following in July: Direct materials used in production and Direct labor used in production
assume that next year research in motion sells off its interest in tip communications one of its subsidiaries.
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