On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $412,184 and has an expected economic life of five years. Aqua expects the residual value at December 31, 2024, to be $50,000. Negotiations led to Maywood guaranteeing a $70,000 residual value. Equal payments under the lease are $100,000 and are due on December...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a three-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $430,152 and has an expected economic life of four years. Aqua expects the residual value at December 31, 2024, to be $66,000. Negotiations led to Maywood guaranteeing a $94,000 residual value. Equal payments under the lease are $132,000 and are due on December...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a three-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $423,414 and has an expected economic life of four years. Aqua expects the residual value at December 31, 2024, to be $60,000. Negotiations led to Maywood guaranteeing a $85,000 residual value. Equal payments under the lease are $120,000 and are due on December...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a three-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $413,307 and has an expected economic life of four years. Aqua expects the residual value at December 31, 2024, to be $51,000. Negotiations led to Maywood guaranteeing a $71,500 residual value. Equal payments under the lease are $102,000 and are due on December...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a three-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $413,307 and has an expected economic life of four years. Aqua expects the residual value at December 31, 2024, to be $51,000. Negotiations led to Maywood guaranteeing a $71,500 residual value. Equal payments under the lease are $102,000 and are due on December...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $412,184 and has an expected economic life of five years. Aqua expects the residual value at December 31, 2024, to be $50,000. Negotiations led to Maywood guaranteeing a $70,000 residual value. Equal payments under the lease are $100,000 and are due on December...
On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a three-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $416,676 and has an expected economic life of four years. Aqua expects the residual value at December 31, 2024, to be $54,000. Negotiations led to Maywood guaranteeing a $76,000 residual value. Equal payments under the lease are $108,000 and are due on December...
help me with the interest expense, please. On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a three-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $413,307 and has an expected economic life of four years. Aqua expects the residual value at December 31, 2024, to be $51,000. Negotiations led to Maywood guaranteeing a $71,500 residual value. Equal payments under the lease...
Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term Monthly lease payments Economic life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $72,000 at Jan. 1, 2021, through Dec. 1, 2021. 5 years 6% Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021. (If no entry is required for...
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $119,300. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $16,500 at the beginning of each period Economic life of asset 2 years Fair value of asset...