25Homework Answers
Answer:
Calculation of Gain of sales of machine
Sales Price =$484
Less: Cost (428+46.708) =$474.708
Gain =$9.292
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25
On December 31, 2021, Company A sold equipment to Company B and simultaneously leased it...
On December 31, 2021, Company A sold equipment to Company B and simultaneously leased it back...
On December 31, 2021, Company A sold equipment to Company B and simultaneously leased it back for one year. The sales price for the equipment was $476. The carrying amount of the equipment was $439. The present value of the lease payments ($4,000 for 12 months at 6%) is $46,708. The equipment has an estimated remaining useful life of ten years. In Company A's December 31, 2021, income statement, the gain from the sale of this machine should be?
*E 21-16 (L05) (Lessee-Lessor, Sale-Leaseback) The following are four independent situations. (a) On December 31, 2017,...
*E 21-16 (L05) (Lessee-Lessor, Sale-Leaseback) The following are four independent situations. (a) On December 31, 2017, Zarle Inc. sold computer equipment to Daniell Co. and immediately leased it back for 10 years. The sales price of the equipment was $520,000, its carrying amount is $400,000, and its estimated remaining economic life is 12 years. Determine the amount of deferred revenue to be reported from the sale of the computer equipment on December 31, 2017. (b) On December 31, 2017, Wasicsko...
22 On January 1, 2021, Company A leased equipment from Company B. The lease agreement specifies...
22
On January 1, 2021, Company A leased equipment from Company B. The lease agreement specifies ten annual payments of $20,000 beginning January 1, 2021, the beginning of the lease, and at each December 31, thereafter. At the end of the ten- year lease term the equipment will be returned to the lessor and is expected to have a residual value of $12,000. The estimated useful life of the equipment is twelve years. The interest rate in these financing arrangements...
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2021, Rhone-Metro leased equipment...
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2021, Rhone-Metro leased equipment to Western Soya Co. for a four-year period ending December 31, 2025, at which time possession of the leased asset will revert back to Rhone-Metro. The equipment cost $520,000 to manufacture and has an expected useful life of six years. Its normal sales price is $586,259. The expected residual value of $30,000 at December 31, 2025, is not guaranteed. Equal payments under the lease...
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2021, Rhone-Metro leased equipment...
Rhone-Metro Industries manufactures equipment that is sold or
leased. On December 31, 2021, Rhone-Metro leased equipment to
Western Soya Co. for a four-year period ending December 31, 2025,
at which time possession of the leased asset will revert back to
Rhone-Metro. The equipment cost $250,000 to manufacture and has an
expected useful life of six years. Its normal sales price is
$294,546. The expected residual value of $17,000 at December 31,
2025, is not guaranteed. Equal payments under the lease...
Presented below are four independent situations. (Round answers to 0 decimal places, e.g. 125. If answer...
Presented below are four independent situations.
(Round answers to 0 decimal places, e.g. 125. If answer
is 0, please enter 0. Do not leave any fields
blank.)
(a) On December 31, 2017, Concord Inc. sold
computer equipment to Daniell Co. and immediately leased it back
for 10 years. The sales price of the equipment was $521,500, its
carrying amount is $403,700, and its estimated remaining economic
life is 12 years. Determine the amount of deferred revenue to be
reported from...
Presented below are four independent situations. (Round answers to 0 decimal places, e.g. 125. If answer...
Presented below are four independent situations.
(Round answers to 0 decimal places, e.g. 125. If answer
is 0, please enter 0. Do not leave any fields
blank.)
(a) On December 31, 2017, Sarasota Inc. sold
computer equipment to Daniell Co. and immediately leased it back
for 10 years. The sales price of the equipment was $517,100, its
carrying amount is $398,400, and its estimated remaining economic
life is 12 years. Determine the amount of deferred revenue to be
reported from...
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2013, Rhone-Metro leased equipment...
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2013, Rhone-Metro leased equipment to Western Soya Co. for a four-year period ending December 31, 2017, at which time possession of the leased asset will revert back to Rhone-Metro. The equipment cost $300,000 to manufacture and has an expected useful life of six years. Its normal sales price is $365,760. The expected residual value of $25,000 at December 31, 2017, is not guaranteed. Equal payments under the lease...
Financial Accountant
(Lessee-Lessor, Sale-Leaseback) Presented below are five independent situations. All the companies involved use ASPE, unless otherwise noted.1. On December 31, 2020, Zarle Inc. sold equipment to Orfanakos Corp. and immediately leased it back for 10 years. The equipment’s selling price was $520,000, its carrying amount was $400,000, and its estimated remaining economic life was 12 years.2. On December 31, 2020, Tessier Corp. sold a machine to Cross Ltd. and simultaneously leased it back for one year. The machine’s selling price was $480,000, its carrying...
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%....
22
On January 1, 2021, Company A leased equipment from Company B. The lease agreement specifies ten annual payments of $20,000 beginning January 1, 2021, the beginning of the lease, and at each December 31, thereafter. At the end of the ten- year lease term the equipment will be returned to the lessor and is expected to have a residual value of $12,000. The estimated useful life of the equipment is twelve years. The interest rate in these financing arrangements...
Rhone-Metro Industries manufactures equipment that is sold or
leased. On December 31, 2021, Rhone-Metro leased equipment to
Western Soya Co. for a four-year period ending December 31, 2025,
at which time possession of the leased asset will revert back to
Rhone-Metro. The equipment cost $250,000 to manufacture and has an
expected useful life of six years. Its normal sales price is
$294,546. The expected residual value of $17,000 at December 31,
2025, is not guaranteed. Equal payments under the lease...
Presented below are four independent situations.
(Round answers to 0 decimal places, e.g. 125. If answer
is 0, please enter 0. Do not leave any fields
blank.)
(a) On December 31, 2017, Concord Inc. sold
computer equipment to Daniell Co. and immediately leased it back
for 10 years. The sales price of the equipment was $521,500, its
carrying amount is $403,700, and its estimated remaining economic
life is 12 years. Determine the amount of deferred revenue to be
reported from...
Presented below are four independent situations.
(Round answers to 0 decimal places, e.g. 125. If answer
is 0, please enter 0. Do not leave any fields
blank.)
(a) On December 31, 2017, Sarasota Inc. sold
computer equipment to Daniell Co. and immediately leased it back
for 10 years. The sales price of the equipment was $517,100, its
carrying amount is $398,400, and its estimated remaining economic
life is 12 years. Determine the amount of deferred revenue to be
reported from...
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