Homework Answers
| Answer | |||
|
Date |
Account Titles | Debit | Credit |
| 01-Jan | No journal entry required | ||
| 01-Apr | Lease expense | $ 72,000 | |
| Cash | $ 72,000 | ||
| ( To record the lease payment ) | |||
| 01-May | Lease expense | $ 72,000 | |
| Cash | $ 72,000 | ||
| ( To record the lease payment ) | |||
| 01-Jun | Lease expense | $ 72,000 | |
| Cash | $ 72,000 | ||
| ( To record the lease payment ) | |||
| 01-Jul | Lease expense | $ 72,000 | |
| Cash | $ 72,000 | ||
| ( To record the lease payment ) | |||
Add Answer to:
Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $360,000 and lists a cash selling price of $492,102. Appropriate adjusting entries are made quarterly. (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 Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
help Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the...
help
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 ter Monthly lease payments Economic life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $44,8ee at Jan. 1, 2021, through Dec. 1, 2021. 5 years Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021 (If no entry is required for...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years...
Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the...
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...
TB Problem 15-195 (Static) 3 Northwestern Edison Company leased equipment from Hi-Tech Leasing on January 1,...
TB Problem 15-195 (Static) 3 Northwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech manufactured the equipment at a cost of $90,000 30 points Skipped Other information: Lease term Annual payments Lite of asset Implicit interest rate Incremental rate PV, annuity due, 3 periods, 88 PV of lease payments 3 years $40,000 on January 1 each year 3 years B% 2.7833 $111,332 eBook There is no expected residual value. G References Required: Prepare appropriate journal entries...
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, Allied Industries leased a high-performance conveyer to Karrier Company for a four-year...
On January 1, 2021, Allied Industries leased a high-performance
conveyer to Karrier Company for a four-year period ending December
31, 2024, at which time possession of the leased asset will revert
back to Allied. The equipment cost Allied $973,000 and has an
expected useful life of five years. Allied expects the residual
value at December 31, 2024, will be $317,000. Negotiations led to
the lessee guaranteeing a $374,000 residual value.
Equal payments under the finance/sales-type lease are $217,000 and
are...
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...
Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured...
Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $105,000. Manufacturers Southern's fiscal year ends December 31. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information! Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $17,000...
Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2021. Natick has the option...
Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2021. Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $50,000 penalty after two years if it fails to renew the lease. Leasing purchased the equipment from Waltham Machines at a cost of $200.142. V of $1. PV of $1 FVA of $1 PVA of $1 FVAD of $1 and PVAD of $1) (Use...
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2021. Insight Machines manufactured the equipment at a cost of $360,000 and lists a cash selling price of $492,102. Appropriate adjusting entries are made quarterly. (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 Quarterly lease payments Economic life of asset Interest rate charged by the lessor...
help
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 ter Monthly lease payments Economic life of asset Interest rate charged by the lessor 1 year (12 monthly periods) $44,8ee at Jan. 1, 2021, through Dec. 1, 2021. 5 years Required: Prepare appropriate entries for Chance from the beginning of the lease through April 1, 2021 (If no entry is required for...
On January 1, 2021, Nath-Langstrom Services, Inc., a computer software training firm, leased several computers under a two-year operating lease agreement from ComputerWorld Leasing, which routinely finances equipment for other firms at an annual interest rate of 6%. The contract calls for four rent payments of $14,000 each, payable semiannually on June 30 and December 31 each year. The computers were acquired by ComputerWorld at a cost of $98,000 and were expected to have a useful life of seven years...
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...
TB Problem 15-195 (Static) 3 Northwestern Edison Company leased equipment from Hi-Tech Leasing on January 1, 2021. Hi-Tech manufactured the equipment at a cost of $90,000 30 points Skipped Other information: Lease term Annual payments Lite of asset Implicit interest rate Incremental rate PV, annuity due, 3 periods, 88 PV of lease payments 3 years $40,000 on January 1 each year 3 years B% 2.7833 $111,332 eBook There is no expected residual value. G References Required: Prepare appropriate journal entries...
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, Allied Industries leased a high-performance
conveyer to Karrier Company for a four-year period ending December
31, 2024, at which time possession of the leased asset will revert
back to Allied. The equipment cost Allied $973,000 and has an
expected useful life of five years. Allied expects the residual
value at December 31, 2024, will be $317,000. Negotiations led to
the lessee guaranteeing a $374,000 residual value.
Equal payments under the finance/sales-type lease are $217,000 and
are...
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...
Manufacturers Southern leased high-tech electronic equipment from International Machines on January 1, 2021. International Machines manufactured the equipment at a cost of $105,000. Manufacturers Southern's fiscal year ends December 31. (FV of $1. PV of $1. EVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Information! Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate 2 years (8 quarterly periods) $17,000...
Natick Industries leased high-tech instruments from Framingham Leasing on January 1, 2021. Natick has the option to renew the lease at the end of two years for an additional three years. Natick is subject to a $50,000 penalty after two years if it fails to renew the lease. Leasing purchased the equipment from Waltham Machines at a cost of $200.142. V of $1. PV of $1 FVA of $1 PVA of $1 FVAD of $1 and PVAD of $1) (Use...
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