Question

INTERMEDIATE ACCOUNTING (ACCT 329/3 Assignment Gradebook ORION Downloadable eTextbook ent CALCULA TOR FULL SCREEN PRINTER VERSİON BACK Exercise 21A-7 b-e Macinski Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $70,000 and fair value orssoo. under the hea、onsolepe contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was s 2017. Macinskí expects to earn an 8% return on its investment, and this implicit December 31, 2017. rate is known by Sharrer. The annual rentals are payable on each December 31, beginning Click here to view the factor table. an amortization schedule that would be suitable for both the lessor and the lessee and that covers all the years involved. decimal places as displayed in the factor table provided and round final answers to 0 decimal (For calculation purposes, use 5 I places eg. 5,275.) Rent Recelpt/ Payment Interest Revenue/ Expense Reduction of Principal Receivable/ Liability $95,000 Date 12/31/17 12/31/18 12/31/19 36,863.14 36,863.14 36,863.14 7600 5,258.95 2,730.61 29263.14 31604.19 34,132.67 34,132.67 LINK TO automatically indented when amount is entered. Do not indent Prepare the journal entry at commencement of the lease for Macinski. (Credit account titles are
media%2Ff66%2Ff66b84d8-0f79-47a8-8547-23
media%2F35b%2F35b14b60-1cd8-4d63-a724-68
0 0
Add a comment Improve this question Transcribed image text
Know the answer?
Add Answer to:
INTERMEDIATE ACCOUNTING (ACCT 329/3 Assignment Gradebook ORION Downloadable eTextbook ent CALCULA TOR FULL SCREEN PRINTER VERSİON...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • cuate Accounting, 16e INTERMEDIATE ACCOUNTING (ACC301/3 • Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER...

    cuate Accounting, 16e INTERMEDIATE ACCOUNTING (ACC301/3 • Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 62 Your answer is incorrect. Try again. On January 1, 2018, Carla Vista Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease called for Carla Vista to make annual payments of $195000 at the beginning of each year for 5 years beginning on January 1, 2016 with the title passing to Carla Vista at...

  • can you help me the red line? Assament Gradebook ORION Downloadable eTextbook ent CALCULATOR FULL SCREEN...

    can you help me the red line? Assament Gradebook ORION Downloadable eTextbook ent CALCULATOR FULL SCREEN PRINTER VERSION Brief Exercise 21A 30 Your answer is partially correct. Try again On lanuary 1, 2017. Novak Animation sold a truck to Peete Finance for $28000 and immediately leased it back. The truck was carried on Novak's books at $70.000. The term of the lease is 5 years, there is no bargain purchase option, and title does not transfer to Novak at lease...

  • MANAGERIAL ACCOUNTING (ACCT 212 Weygandt, Managerial Accounting, Se Assignment Gradebook ORION Downloadable eTextbook • ent ATOR...

    MANAGERIAL ACCOUNTING (ACCT 212 Weygandt, Managerial Accounting, Se Assignment Gradebook ORION Downloadable eTextbook • ent ATOR FULL SCREEN PRINTER VERSION BACK E T Brief Exercise 6-7 NoFly Corporation sets three different models of a mosquito "rapper" Model A12 sells for $58 and has variable costs of $44. Model 022 sells for $107 and has variable costs of $81. Model C124 sells for $415 and has variable costs of $309. The sales mix of the three models is A12, 5946: B22....

  • ractice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT On July...

    ractice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT On July 1, 2017, Oriole Company Ltd. pays £18,000 to Orlow Insurance Ltd. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Oriole Company Ltd., journalize and post the entry on July 1 and the adjusting entry on December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order...

  • Crane Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $65,...

    Crane Leasing Company leases a new machine to Sharrer Corporation. The machine has a cost of $65,000 and fair value of $91,000. Under the 3-year, non-cancelable contract, Sharrer will receive title to the machine at the end of the lease. The machine has a 3-year useful life and no residual value. The lease was signed on January 1 2017, Crane expects to eam an 8% return on its investment, and this ımplicit rate is known by Sharrer. The annual rentals...

  • tice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK...

    tice Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION BACK Question 4 On July 1, 2022, Sheridan Company pays $12,500 December 31. 2-year Insurance contract. Both companies have fiscal years ending Your answer is partially correct. Try again. Journalize the entry on July 1 and the adjusting entry on December 31 for Oriole Company, Oriole uses the accounts Unearned Service Revenue and Service Revenue. (Record journal entries in the order presented in the problem....

  • Practice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4...

    Practice Assignment Gradebook ORION Downloadable eTextbook gnment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NE Brief Exercise 4-6 (Part Level Submission) On July 1, 2017, Sandhill Co. pays $16,500 to Pharoah Company for a 1-year insurance contract. Both companies have fiscal years ending December 31. (a) For Sandhill Co., journalize the entry on July 1 and adjusting entry on December 31. (Record journal entries in the order presented in the problem. If no entry is required, select...

  • Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 14-12 Concord Corporation...

    Assignment Gradebook ORION Downloadable eTextbook CALCULATOR FULL SCREEN PRINTER VERSION BACK Brief Exercise 14-12 Concord Corporation issued a 4-yea $32,000,4% note to Greenbush Company on January 1, 2020, and received a computer that normally sells for $24.224. The not requires annual interest payments each December 31. The market rate of interest for a note of similar risk is 12%. Prepare Concord's Journal entries for (a) the January 1 issuance and (b) the December 31 interest. (Round answers to decimal place....

  • Accountiny, ze udy & Practice Assignment Gradebook ORION Downloadable eTextbook en Assignment FULL SCREEN PRINTER VERSION...

    Accountiny, ze udy & Practice Assignment Gradebook ORION Downloadable eTextbook en Assignment FULL SCREEN PRINTER VERSION Question 40 The following data are from the income statements of Haskin Company. Те в Sales revenue Beginning inventory Purchases Ending inventory 2017 $6,350,000 910,000 4,380,000 1,020,000 2016 $6,290,000 845,000 4,660,000 910,000 Compute for each year the inventory turnover (Round answers to I decimal place, e.g. 1.6.) 2017 2016 Inventory turnover times times LINK TO TEXT Compute for each year the days in inventory....

  • Assignment Gradebook ORION Downloadable eTextbook ent FULL SCREEN PRINTER VERSION BACK Do It! Review 19-7 Westerville...

    Assignment Gradebook ORION Downloadable eTextbook ent FULL SCREEN PRINTER VERSION BACK Do It! Review 19-7 Westerville Company accumulates the following data concerning a mixed cost, using units produced as the activity level. March April May June July Units Produced Total Cost 10,150 $18,124 9,000 16,507 10,600 18,834 16,047 9,490 16,937 8,790 Your answer is incorrect. Try again. Compute the variable cost per unit using the high-low method. (Round variable cost per unit to 2 decimal places varlable cost per unit...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT