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The following facts pertain to a noncancelable lease agreement between Lennox Leasing Company and Gill Company, a lessee. Inception date: May 1, 2012 Annual lease payment due at the beginning of each year, beginning with May 1, 2012 $18,537.69 Bargain-purchase option price at end of lease term $3,960.00 Lease term 5 years Economic life of leased equipment 10 years Lessor's cost $63,400.00 Fair value of asset at May 1, 2012 $78,400.00 Lessor's implicit rate 11 % Lessee's incremental borrowing rate 11 % The collectibility of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the costs yet to be incurred by the lessor. The lessee assumes responsibility for all executory costs. (c) Prepare a lease amortization schedule for Gill Company for the 5-year lease term. (Round present value factor calculations to 5 decimal places, e.g. 1.25124 and Round answers to 2 decimal places, e.g. 15.25.) GILL COMPANY (Lessee) Lease Amortization Schedule Date Annual Lease Payment Plus BPO Interest on Liability Reduction of Lease Liability Lease Liability 5/1/12 5/1/12 5/1/13 5/1/14 5/1/15 5/1/16 4/30/17 Total
A village ordered supplies for its Fire Department at an estimated cost of $16,700. The supplies were received with an invoice for $16,800. The village accepted the shipment and th
Question: Mada Air Ltd is thinking of diversifying its activities in order to cope with the financial crisis. After careful evaluation its research and development team has pro
How many full-time members are on the Public Company Accounting Oversight Board (PCAOB)?
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Illustration for preparing final accounts K Ltd established a branch in Arusha Tanzania on 1.1.X2, when Kshs 1 = TShs 15. PPE costing Kshs 800,000 were purchased on that day. I
Investment with ex. div. quotation Investment with ex. div. quotation will be debited to the investment account at its ex. div. value. The full impending dividend will also
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Efficiency Ratios - These ratios include Receivables Turnover, Inventory Turnover, Asset Turnover and Net Working Capital Turnover ratios. Efficiency ratios demonstrate the utili
VED Analysis: VED i.e. Vital, Essential and Desirable analysis is a technique employed for spare part inventory analysis and is broadly used in the automobile industry particul
How is Accounting information useful to A prospective Investor?
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