Homework Answers
| Date | Account Title | Debit | Credit | |
| Jan-01 | Assets (computer) | 84553 | ||
| Lease Liability | 84553 | |||
| ( to record finance lease) | ||||
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Exercise 15-14 On January 1, 2020, Cullumber Inc. entered into an agreement to lease 20 computers...
Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to...
Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Blossom Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Blossom has the option to purchase the equipment for $15,000 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option. 2. The equipment has a cost of $100,000...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1, 2020, is $758,000. 3. At the end of the lease term, the asset reverts to the...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1, 2020, is $758,000. 3. At the end of the lease term, the asset reverts to the...
Metlock Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to...
Metlock Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Ivanhoe Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Ivanhoe has the option to purchase the equipment for $22,000 upon termination of the lease. It is not reasonably certain that Ivanhoe will exercise this option. 2. The equipment has a cost of $240,000...
Exercise 21A-6 a-b Windsor Leasing Company signs a lease agreement on January 1, 2017, to lease...
Exercise 21A-6 a-b Windsor Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Wildhorse Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. 2. Wildhorse has the option to purchase the equipment for $25,500 upon termination of the lease. It is not reasonably certain that Wildhorse will exercise this option. The equipment has a...
Skysong Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to...
Skysong Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Sheridan Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Sheridan has the option to purchase the equipment for $23,500 upon termination of the lease. It is not reasonably certain that Sheridan will exercise this option 2. The equipment has a cost of $270,000 and...
Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to...
Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Blossom Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Blossom has the option to purchase the equipment for $26,000 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option. 2. The equipment has a cost of $320,000 and...
Castle Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to...
Castle Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Jan Way Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Jan Way has the option to purchase the equipment for $16,000 upon termination of the lease. It is not reasonably certain that Jan Way will exercise this option. 2. The equipment has a cost...
Exercise 18-3 On May 1, 2017, Cullumber Inc. entered into a contract to deliver one of...
Exercise 18-3 On May 1, 2017, Cullumber Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $816 in advance on May 15, 2017. Kickapoo pays Cullumber on May 15, 2017, and Cullumber delivers the mower with cost of $504) on May 31, 2017. (a) Prepare the journal entry on May 1, 2017, for Cullumber. (Credit account titles are automatically indented when the amount...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020,...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
Kingbird Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Blossom Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Blossom has the option to purchase the equipment for $15,000 upon termination of the lease. It is not reasonably certain that Blossom will exercise this option. 2. The equipment has a cost of $100,000...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1, 2020, is $758,000. 3. At the end of the lease term, the asset reverts to the...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1, 2020, is $758,000. 3. At the end of the lease term, the asset reverts to the...
Metlock Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Ivanhoe Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Ivanhoe has the option to purchase the equipment for $22,000 upon termination of the lease. It is not reasonably certain that Ivanhoe will exercise this option. 2. The equipment has a cost of $240,000...
Exercise 21A-6 a-b Windsor Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Wildhorse Company. The term of the non- cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. 2. Wildhorse has the option to purchase the equipment for $25,500 upon termination of the lease. It is not reasonably certain that Wildhorse will exercise this option. The equipment has a...
Skysong Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Sheridan Company. The term of the non-cancelable lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: 1. Sheridan has the option to purchase the equipment for $23,500 upon termination of the lease. It is not reasonably certain that Sheridan will exercise this option 2. The equipment has a cost of $270,000 and...
Exercise 18-3 On May 1, 2017, Cullumber Inc. entered into a contract to deliver one of its specialty mowers to kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $816 in advance on May 15, 2017. Kickapoo pays Cullumber on May 15, 2017, and Cullumber delivers the mower with cost of $504) on May 31, 2017. (a) Prepare the journal entry on May 1, 2017, for Cullumber. (Credit account titles are automatically indented when the amount...
Brief Exercise 15-03 a-c Cullumber Corporation issued 3,300, 7%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1. Prepare the journal entry to record the sale of these bonds on January 1, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Janaury 1, 2020 LINK TO TEXT Prepare the adjusting journal entry on December 31, 2020, to record interest expense. (Credit...
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