The reported non-current portion of the lease liability related to this lease transaction on lessee's balance sheet on December 31, 2010 should be
$56,832
$50,227
$57,136
$55,675
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1/1/2010 The following facts pertain to a noncancelable lease between JK Co and Lessor Inc. Inception...
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc. 1/1/2010 $18,000...
The current portion of the lease liability related to this lease transaction on lessee's 2011 balance sheet should be $12,655 $12,761 $12,977 $12,785
1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
The balance of the interest payable account related to this lease transaction on lessee's balance sheet on December 31, 2010 should be $6,753 $6,603 $6,202 $6,802
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc. 1/1/2010 $18,000...
On December 31, 2014, the carrying value of the lease liability on lessee's book should be $45,608 $1,500 $0 $12,800
1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
The reported interest expense related to this lease transaction on lessee's 2011 income statement should be $5,765 $5,524 $5,023 $5,633
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc. 1/1/2010 $18,000...
To capitalize this lease transaction, lessee should Debit a liability account and credit an asset account. Debit an asset account and credit a liability account. Debit a shareholders' equity account and credit an asset account. Debit an asset account and credit a shareholders' equity account.
1/1/2010 $18,000 5 7 $75,000 $85,000 The following facts pertain to a noncancelable lease between JK...
The net leased equipment reported on lessee's book on December 31, 2010 should be $55,600 $73,596 $65,620 $74,852
The following facts pertain to a noncancelable lease between JK Co. and Lessor Inc 1/1/2010 Inception...
This is a sales-type lease to lessor because: The present value of the minimum lease payments is bigger than 90% of the fair value of the leased property The collectibility of the payments is reasonably predictable and lessor's performance is complete. The fair value of the leased asset is bigger than the book value of the leased asset on lessor's book. All of the above.
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics,...
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date Lease term Economic life of leased equipment Residual value at the end of lease term Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2017 October 1, 2017 6 years 7 years $0 8.50% $65,000 The collectability of the lease payments is probable by the lessor. The...
The following facts pertain to a noncancelable lease agreement between Groh Leasing Company and MS Cody Company, a calendar year lessee. January 1, 2013 S37,000 Inception date: Annual lease-paym...
The following facts pertain to a noncancelable lease agreement between Groh Leasing Company and MS Cody Company, a calendar year lessee. January 1, 2013 S37,000 Inception date: Annual lease-payment due at the beginning of each year, beginning with January 1,2013 including $2000.00 of executory costs Lease term Economie life of leased equipment Bargain purchase option Fair value of asset at January 1, 2013 Lessor's implicit rate (known to lessee) Lessee's incremental borrowing rate 4 years 5 years $5,000 $125,455 10%...
Problem 21-5 The following facts pertain to a noncancelable lease agreement between Sarasota Leasing Company and McKee Electronics, a lessee, for a computer system. Inception date October 1, 2017 Lea...
Problem 21-5 The following facts pertain to a noncancelable lease agreement between Sarasota Leasing Company and McKee Electronics, a lessee, for a computer system. Inception date October 1, 2017 Lease term 6 years Economic life of leased equipment 6 years Fair value of asset at October 1, 2017 $255,349 Residual value at end of lease term Lessor's implicit rate 10% Lessee's incremental borrowing rate 10% Annual lease payment due at the beginning of $53,300 each year, beginning with October 1,...
The current portion of the lease liability related to this lease transaction on lessee's 2011 balance sheet should be $12,655 $12,761 $12,977 $12,785
The balance of the interest payable account related to this lease transaction on lessee's balance sheet on December 31, 2010 should be $6,753 $6,603 $6,202 $6,802
On December 31, 2014, the carrying value of the lease liability on lessee's book should be $45,608 $1,500 $0 $12,800
The reported interest expense related to this lease transaction on lessee's 2011 income statement should be $5,765 $5,524 $5,023 $5,633
To capitalize this lease transaction, lessee should Debit a liability account and credit an asset account. Debit an asset account and credit a liability account. Debit a shareholders' equity account and credit an asset account. Debit an asset account and credit a shareholders' equity account.
The net leased equipment reported on lessee's book on December 31, 2010 should be $55,600 $73,596 $65,620 $74,852
This is a sales-type lease to lessor because: The present value of the minimum lease payments is bigger than 90% of the fair value of the leased property The collectibility of the payments is reasonably predictable and lessor's performance is complete. The fair value of the leased asset is bigger than the book value of the leased asset on lessor's book. All of the above.
The following facts pertain to a noncancelable lease agreement between Alschuler Leasing Company and McKee Electronics, a lessee, for a computer system. Commencement date Lease term Economic life of leased equipment Residual value at the end of lease term Lessee's incremental borrowing rate Annual lease payment due at the beginning of each year, beginning with October 1, 2017 October 1, 2017 6 years 7 years $0 8.50% $65,000 The collectability of the lease payments is probable by the lessor. The...
The following facts pertain to a noncancelable lease agreement between Groh Leasing Company and MS Cody Company, a calendar year lessee. January 1, 2013 S37,000 Inception date: Annual lease-payment due at the beginning of each year, beginning with January 1,2013 including $2000.00 of executory costs Lease term Economie life of leased equipment Bargain purchase option Fair value of asset at January 1, 2013 Lessor's implicit rate (known to lessee) Lessee's incremental borrowing rate 4 years 5 years $5,000 $125,455 10%...
Problem 21-5 The following facts pertain to a noncancelable lease agreement between Sarasota Leasing Company and McKee Electronics, a lessee, for a computer system. Inception date October 1, 2017 Lease term 6 years Economic life of leased equipment 6 years Fair value of asset at October 1, 2017 $255,349 Residual value at end of lease term Lessor's implicit rate 10% Lessee's incremental borrowing rate 10% Annual lease payment due at the beginning of $53,300 each year, beginning with October 1,...
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