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On January 2, 2004, Gonzalez, Inc. signed a ten-year noncancelable lease for a heavy duty drill press. The lease stipulated annual payments of $90,000 starting at the end of the first year, with title passing to Gonzalez at the expiration of the lease. Gonzalez treated this transaction as a capital lease. The drill press has an estimated useful life of 15 years, with no salvage value. Gonzalez uses straight-line depreciation for all of its plant assets. Aggregate lease payments were determined to have a present value of $540,000, based on implicit interest of 10%.
In its 2004 income statement, what amount of interest expense should Gonzalez report from this lease transaction?
In its 2004 income statement, what amount of depreciation expense should Gonzalez report from this lease transaction?
On November 19, 2007, Albatross Corporation purchased 30,000 shares of ABC Corporation stock for $480,000, and 10,000 shares of Milken Corporation stock for $250,000. In Microsoft Excel format, please prepare a journal with Albatross's entries for ..
After the adoption of SFAS 158, the pension asset/liability on a company's books will be equal to:
When a fire truck purchased from General Fund revenues was received, the appropriate journal entry was made in the governmental activities general journal. What account, if any, should have been debited in the General Fund?
When an income statement shows data for segments of the organization, and data for each segment are added together to get totals for the whole organization:
Change of mind gives gallery a $1m surprise' and determine whether the gallery should treat the donation as revenue. Further, if the donation is treated as revenue, how would that revenue be measured?
Strawberry Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000units in process at month-end,20% complete.
For the month of March, the company planned for activity of 5,700 units, but the actual level of activity was 5,660 units. The actual selling and administrative expense for the month was $522,860.
Green Systems sold and delivered modems to the Blue Computers for $660,000 to be paid by Blue in 3 equal instalments over the next 3 months. The journal entry made by the Blue Computers to record the last of 3 instalment payments will include:
What is the controller's role in strategy implementation? Be sure to provide specific examples in your answer.
Briefly discuss the operating performance and financial positions of Sepracor Industry averages for these ratios in 2007 were ROA 3.5%; Return on Equity 16%; and Debt to Assets 75%. Based on this analysis, would you make an investment in the compa..
Please allocate the costs and advise, what is the taxable income for year 1 and 2, noting there are no other expenses outside the allocation of costs.
Compute the amount of income from the partnership which Potter should report for his tax year ended December 31, 2012.
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