On January 1, 2021, Company A recorded a right-of use asset of $53,300 in an operating...
On January 1, 2021, Company A recorded a right-of use asset of $53,300 in an operating lease. The lease calls for six annual payments of $10,000 at the beginning of each year. The interest rate charged by the lessor was 5%. The balance in the right-of-use asset at December 31, 2021, will be:
Group of answer choices
$43,300
$53,300
$44,417
$45,465
Homework Answers
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On January 1, 2021, Company A recorded a right-of use asset of
$53,300 in an operating...
I. Lasch Co. recorded a right-of-use asset of $220,000 in a 10-year operating lease. Payments of...
I. Lasch Co. recorded a right-of-use asset of $220,000 in a 10-year operating lease. Payments of $37,356 are made annually at the end of each year. The interest rate charged by the lessor was 11%. The balance in the right-of-use asset after the first year will be: Multiple Choice 0 $195,800 0 $206,844 0 $142,514 C ......$220.000.
On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement....
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $60,000 each, beginning December 31,
2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 5%. Winn also paid a $276,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement....
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $102,000 each, beginning December
31, 2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 8%. Winn also paid a $282,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
1. On January 1, 2021, Sans Serif Publishers leased printing equipment from First Lease Corp. First...
1. On January 1, 2021, Sans Serif Publishers leased printing equipment from First Lease Corp. First Lease Corp purchased the equipment from CompuDec Corporation at a cost of $479,079. · The lease agreement specifies six annual payments of $90,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 from 2021 through 2025. • The six-year lease term ending December 31, 2026, is two years less than the expected useful life . There is no obligation...
On January 1, 2021, Company A leased equipment from Company B. The lease agreement specifies seven...
On January 1, 2021, Company A leased equipment from Company B. The lease agreement specifies seven annual payments of $50,000 beginning January 1, 2021, the beginning of the lease, and at each December 31, thereafter. At the end of the seven-year lease term the equipment will be returned to the lessor and is expected to have a residual value of $24,000. The estimated useful life of the equipment is eight years. The interest rate in these financing arrangements is 10%....
On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement....
On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $93,000 each, beginning December 31, 2021, and at each December 31 through 2023. The lessor, HVAC Leasing calculates lease payments based on an annual interest rate of 8%. Winn also paid a $204,000 advance payment at the beginning of the lease. With the permission of the owner, Winn made structural modifications to the building before occupying...
Exercise 15-33 (Algo) Nonlease payments; lessor and lessee [LO15-2, 15-7] On January 1, 2021, NRC Credit...
Exercise 15-33 (Algo) Nonlease payments; lessor and lessee
[LO15-2, 15-7]
On January 1, 2021, NRC Credit Corporation leased equipment to
Brand Services under a finance/sales-type lease designed to earn
NRC a 10% rate of return for providing long-term financing. The
lease agreement specified the following:
Ten annual payments of $63,000 beginning January 1, 2021, the
beginning of the lease and each December 31 thereafter through
2029.
The estimated useful life of the leased equipment is 10 years
with no residual...
On January 1, 2018, Rick’s Pawn Shop leased a truck from Corey Motors for a six-year...
On January 1, 2018, Rick’s Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. Rick’s had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. Annual lease payments are $10,000 due on December 31 of each year, calculated by the lessor using a 5% interest rate. The agreement is considered an operating lease.Required:1. Prepare Rick’s journal entry to record...
the entries are correct please help on the amounts!! On January 1, 2021, Rick's Pawn Shop...
the entries are correct please help on the amounts!!
On January 1, 2021, Rick's Pawn Shop leased a truck from Corey Motors for a seven-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option Annual lease payments are $16,500 due on December 31 of each year, calculated by the lessor using a 4% interest rate. The agreement is considered...
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease...
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease on December 31, 2019. Kleckner's incremental borrowing rate is 8%, and the implicit rate of the lessor was not known at the commencement of the lease. Kleckner made the first lease payment of $48,337 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner's December 31, 2020, entries....
I. Lasch Co. recorded a right-of-use asset of $220,000 in a 10-year operating lease. Payments of $37,356 are made annually at the end of each year. The interest rate charged by the lessor was 11%. The balance in the right-of-use asset after the first year will be: Multiple Choice 0 $195,800 0 $206,844 0 $142,514 C ......$220.000.
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $60,000 each, beginning December 31,
2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 5%. Winn also paid a $276,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
On January 1, 2021, Winn Heat Transfer leased office space under
a three-year operating lease agreement. The arrangement specified
three annual lease payments of $102,000 each, beginning December
31, 2021, and at each December 31 through 2023. The lessor, HVAC
Leasing calculates lease payments based on an annual interest rate
of 8%. Winn also paid a $282,000 advance payment at the beginning
of the lease. With permission of the owner, Winn made structural
modifications to the building before occupying the...
1. On January 1, 2021, Sans Serif Publishers leased printing equipment from First Lease Corp. First Lease Corp purchased the equipment from CompuDec Corporation at a cost of $479,079. · The lease agreement specifies six annual payments of $90,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 from 2021 through 2025. • The six-year lease term ending December 31, 2026, is two years less than the expected useful life . There is no obligation...
Exercise 15-33 (Algo) Nonlease payments; lessor and lessee
[LO15-2, 15-7]
On January 1, 2021, NRC Credit Corporation leased equipment to
Brand Services under a finance/sales-type lease designed to earn
NRC a 10% rate of return for providing long-term financing. The
lease agreement specified the following:
Ten annual payments of $63,000 beginning January 1, 2021, the
beginning of the lease and each December 31 thereafter through
2029.
The estimated useful life of the leased equipment is 10 years
with no residual...
the entries are correct please help on the amounts!!
On January 1, 2021, Rick's Pawn Shop leased a truck from Corey Motors for a seven-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option Annual lease payments are $16,500 due on December 31 of each year, calculated by the lessor using a 4% interest rate. The agreement is considered...
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease on December 31, 2019. Kleckner's incremental borrowing rate is 8%, and the implicit rate of the lessor was not known at the commencement of the lease. Kleckner made the first lease payment of $48,337 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner's December 31, 2020, entries....
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