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Cullumberinc. leased a new crane to Bramble Construction under a 5-year, non-cancelable contract starting January 1,...
PharoahInc. leased a new crane to Flounder Construction under a 5-year, non-cancelable contract starting January 1, 2020. Terms of the lease require payments of $48,500 each January 1, starting January 1, 2020. The crane has an estimated life of 7 years, a fair value of $240,000, and a cost to Pharoah of $240,000. The estimated fair value of the crane is expected to be $35,000 (unguaranteed) at the end of the lease term. No bargain purchase or renewal options are...
OrioleInc. leased a new crane to Cheyenne Construction under a 5-year, non-cancelable contract starting January 1, 2020. Terms of the lease require payments of $46,000 each January 1, starting January 1, 2020. The crane has an estimated life of 7 years, a fair value of $230,000, and a cost to Oriole of $230,000. The estimated fair value of the crane is expected to be $45,000 (unguaranteed) at the end of the lease term. No bargain purchase or renewal options are...
Question 5 ClevelandInc. leased a new crane to Abriendo Construction under a 5-year, non-cancelable contract starting January 1, 2020. Terms of the lease require payments of $48,555 each January 1, starting January 1, 2020. The crane has an estimated life of 7 years, a fair value of $240,000, and a cost to Cleveland of $240,000. The estimated fair value of the crane is expected to be $45,000 (unguaranteed) at the end of the ease term. No bargain purchase or renewal...
On January 1, 2020, Teal Mountain Co. leased a building to Sandhill Inc. The relevant information related to the lease is as follows. 1. The lease arrangement is for 10 years. The building is expected to have a residual value at the end of the lease of $3,700,000 (unguaranteed). 2. The leased building has a cost of $4,200,000 and was purchased for cash on January 1, 2020. 3. The building is depreciated on a straight-line basis. Its estimated economic life...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1, 2020, is $758,000. 3. At the end of the lease term, the asset reverts to the...
Please Help! Need to fill in all the boxes! Question 11 of 11 < - / 10 View Policies Current Attempt in Progress Bramble Leasing Company agrees to lease equipment to Sunland Corporation on January 1, 2020. The following information relates to the lease agreement 1. 2 3. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. The cost of the machinery is $565,000, and the...
Cullumber Leasing Company agrees to lease equipment to Riverbed Corporation on January 1, 2020. The following information relates to the lease agreement. 1. The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2. The cost of the machinery is $523,000, and the fair value of the asset on January 1, 2020, is $758,000. 3. At the end of the lease term, the asset reverts to the...
Exercise 21-21 a-d Bramble Incorporated leases a piece of equipment to Marin Corporation on January 1, 2020. The lease agreement called for annual rental payments of $5,702 at the beginning of each year of the 4-year lease. The equipment has an economic useful life of 6 years, a fair value of $28,100, a book value of $23,100, and both parties expect a residual value of $8,350 at the end of the lease term, though this amount is not guaranteed. Bramble...
P20.6 Synergetics Inc. leased a new crane to Gumo Construction Inc. under a six-year, non-cancellable contract starting February 1, 2020. The lease terms require payments of $21,500 each February 1, starting February 1, 2020. Synergetics will pay insurance and repair and maintenance charges on the crane, which has an estimated life of 12 years, a fair value of $160,000, and a cost to Synergetics of $160,000. The crane’s estimated fair value is $50,000 at the end of the lease term....
On January 1, 2017, Bramble Company contracts to lease equipment for 5 years, agreeing to make a payment of $879,904 at the beginning of each year, starting January 1, 2017. The leased equipment is to be capitalized at $4,000,000. The asset is to be amortized on a double-declining-balance basis, and the obligation is to be reduced on an effective-interest basis. Bramble’s incremental borrowing rate is 6%, and the implicit rate in the lease is 5%, which is known by Bramble....