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Problem
On June 30, 2016, Georgia-Atlantic, Inc., leased a warehouse facility from Builders, Inc. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $681,881 over a 4-year lease term, payable each June 30 and December 31, with the first payment at June 30, 2016. Georgia-Atlantic's incremental borrowing rate is 9.0%, the same rate Builders used to calculate lease payment amounts. Builders constructed the warehouse at a cost of $4.2 million. Present Value of an Annuity due of $1 = 6.03295 Determine the price at which Builders is "selling" the warehouse (present value of the lease payments) at June 30, 2016. Present Value $ ? What pretax amounts related to the lease would Builders report in its balance sheet at December 31, 2016? Pretax amount $ ? What pretax amounts related to the lease would Builders report in its income statement for the year ended December 31, 2016? Pretax amount $?
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Prepare the Current Liabilities section of Kruse's 2012 balance sheet. Compute Kruse's working capital.
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