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On January 1, 2015, Day Corp. entered into a 10-year lease agreement with Ward, Inc. for industrial equipment. Annual lease payments of $10,000 are payable at the end of each year. Day knows that the lessor expects a 10 percent return on the lease. Day has a 12 percent incremental borrowing rate. The equipment is expected to have an estimated useful life of 10 years. In addition, a third party has guaranteed to pay Ward a residual value of $5,000 at the end of the lease. The present value of an ordinary annuity of $1 at 12% for 10 years is 5.6502 10% for 10 years is 6.1446 The present value of $1 at 12% for 10 years is 0.3220 10% for 10 years is 0.3855 On Day's October 31, 2015, balance sheet, the principal amount of the lease obligation was $61,446. $58,112. $56,502. $63,374.
An accounting firm's independence is most likely to be impaired when:
In 2010, Jonas built 10 miles of roads at a cost of $8,400 per mile. After the roads were completed, Jonas logged and sold 3,500 trees containing 880,000 board feet. (a) Determine the cost of timber sold related to depletion for 2010.
Young Co. acquired a 60% interest in Tomlin Corp. on December 31, 2006 for $945,000. During 2007, Tomlin had net income of $600,000 and paid cash dividends of $150,000. At December 31, 2007, the balance in the investment account should be
When a parent uses the partial equity method throughout the year to account for its investment in an acquired subsidiary, which of the following statements is false before making adjustments on the consolidated worksheet?
Prepare the journal entries to record above events in the accounts of S & X. . Assume that distribution of earnings onNovember 30 was payment of a dividend that was declared on November20.
Which one of the following should not (would not) be used instead of "Advances from Customers?"?
Becky uses the 200% declining balance method for regular income tax purposes. What is the amount of Becky's AMT adjustment?
Also assume that a U.S. exporter denominates its Swiss exports in Swiss francs and expects to receive SF600,000 in 1 year. Using the information above, what will be the approximate value of these exports in 1 year in U.S. dollars given that the fi..
Kim Co. reported bonds payable of $35,000 at December 31, 2010 and $32,000 at December 31,2011. During 2011, Kim issued $20,000 of bonds payable in exchange for equipment.
Describe three kinds of transactions that will result in paid-in or permanent capital in excess of legal or stated capital.
The partnership agreement of Jones, King, and Lane provides for the annual allocation of thebusiness's profit or loss
The difference in depreciation is the only temporary difference, and it will reverse equally over the next three years. Cohen's enacted income tax rates are 35% for 2010, 30% for 2011, and 25% for 2012 and 2013. What amount should be included in t..
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