please help me answer those 2 question. TIA
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please help me answer those 2 question. TIA
1.Sorel Co. enters a lease for machinery from...
Lessor CBA Inc, leased a machine to lessee DF Co. The Lease is non-cancelable and requires...
Lessor CBA Inc, leased a machine to lessee DF Co. The Lease is non-cancelable and requires DF to pay $6,000 per year, payable in advance, over a four-year period. CBA’s implicit interest rate (known to DF) is 6%. The lease term begins on January 1, 2020. The machine’s economic life is 7 years. The machine’s book value is $26,000 and fair value $30,000, with a guaranteed residual value of $10,000. The collectability of the lease payments is probable for the...
problem lease the equipewear. The te porta an the beginning on to have a recolectabilang Problem...
problem lease the equipewear. The te porta an the beginning on to have a recolectabilang Problem II (15 points): Adam, Bevc, wurchased p o sting $45,226 wamy 1, immediately leased the equipment toob Commy for a four-year period with real 58.000 to be 6%. The paid at the beginning of each year. The less's implicit interest rate in connection with w pment is expected to have a resichual value of at the end of the www.cancelable lease, and a useful...
On January 2, 2018, Cullumber Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $172000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $139500 r...
On January 2, 2018, Cullumber Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $172000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $139500 residual value of the asset at the end of the lease term. The expected value of the residual value is $50000. Brick’s incremental borrowing rate is 11%, however it knows that Cullumber’s implicit interest rate is 9%. What journal entry would Brick Co. make at January 1, 2019...
please answer 14. On January 1, 2018 Balsam Inc. leased an asset that had a useful...
please answer
14. On January 1, 2018 Balsam Inc. leased an asset that had a useful life of 8 years. The lease requires Balsam make five annual payments of $13,000 beginning January 1, 2018. At the end of the lease term, December 31, 2022, Balsam has the option to purchase the asset at a bargain price of $10,000. The interest rate implicit in the lease is 9%. Present value factors for the 9% rate implicit in the lease are as...
Multiple Choice Question 87 On January 2, 2018, Blossom Leasing Company leases equipment to Brick Co....
Multiple Choice Question 87 On January 2, 2018, Blossom Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $158000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $98000 residual value of the asset at the end of the lease term. Brick’s incremental borrowing rate is 10%, however it knows that Blossom’s implicit interest rate is 8%. What journal entry would Brick Co. make at January 1, 2019 to record the second lease...
On January 2, 2020, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal...
On January 2, 2020, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2020. Brick Co. agrees to guarantee the $150,000 residual value of the asset at the end of the lease term. The expected value of the residual value is $50,000. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. What journal entry would Brick Co. make at January...
On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal...
On January 2, 2018, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $150,000 residual value of the asset at the end of the lease term. The expected value of the residual value is $50,000. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. What journal entry would Brick Co. make at January...
3. ABC Company, as lessee, enters into a lease agreement on January 1, 2018, for equipment....
3. ABC Company, as lessee, enters into a lease agreement on
January 1, 2018, for equipment. The following data are relevant to
the lease agreement:
1. The term of the noncancelable lease is 4 years, with no
renewal option. Payments of $978,446 are due on January 1of each
year.
2. The fair value of the equipment on January 1, 2018 is
$3,500,000. The equipment has an economic life of 6 years with no
salvage value.
3. ABC Company depreciates similar...
On January 1, Claude Co. leased a car for a four-year period, at which time possession...
On January 1, Claude Co. leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $27,200 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotiations led to Claude guaranteeing the lessor a $81,600 residual value at the end of the lease term although Claude estimates that the residual value after four years will be $77,700. What is the...
3. On January 1, 2019, B enters into a 3-year non-cancelable lease agreement for an asset...
3. On January 1, 2019, B enters into a 3-year non-cancelable lease agreement for an asset with an 8-year useful life. The lease requires annual payments of $20,000 on January 15 of each year. At the end of the lease term, B has the option to purchase the asset for the bargain purchase price of $33,660 and it is reasonably assured that B will exercise the option. B's incremental borrowing rate is 10%. Relevant present value factors are as follows:...
problem lease the equipewear. The te porta an the beginning on to have a recolectabilang Problem II (15 points): Adam, Bevc, wurchased p o sting $45,226 wamy 1, immediately leased the equipment toob Commy for a four-year period with real 58.000 to be 6%. The paid at the beginning of each year. The less's implicit interest rate in connection with w pment is expected to have a resichual value of at the end of the www.cancelable lease, and a useful...
please answer
14. On January 1, 2018 Balsam Inc. leased an asset that had a useful life of 8 years. The lease requires Balsam make five annual payments of $13,000 beginning January 1, 2018. At the end of the lease term, December 31, 2022, Balsam has the option to purchase the asset at a bargain price of $10,000. The interest rate implicit in the lease is 9%. Present value factors for the 9% rate implicit in the lease are as...
On January 2, 2020, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $160,000 each, payable beginning January 2, 2020. Brick Co. agrees to guarantee the $150,000 residual value of the asset at the end of the lease term. The expected value of the residual value is $50,000. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. What journal entry would Brick Co. make at January...
3. ABC Company, as lessee, enters into a lease agreement on
January 1, 2018, for equipment. The following data are relevant to
the lease agreement:
1. The term of the noncancelable lease is 4 years, with no
renewal option. Payments of $978,446 are due on January 1of each
year.
2. The fair value of the equipment on January 1, 2018 is
$3,500,000. The equipment has an economic life of 6 years with no
salvage value.
3. ABC Company depreciates similar...
On January 1, Claude Co. leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $27,200 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotiations led to Claude guaranteeing the lessor a $81,600 residual value at the end of the lease term although Claude estimates that the residual value after four years will be $77,700. What is the...
3. On January 1, 2019, B enters into a 3-year non-cancelable lease agreement for an asset with an 8-year useful life. The lease requires annual payments of $20,000 on January 15 of each year. At the end of the lease term, B has the option to purchase the asset for the bargain purchase price of $33,660 and it is reasonably assured that B will exercise the option. B's incremental borrowing rate is 10%. Relevant present value factors are as follows:...
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