On January 1, 2020, Rowe leased a MRI machine from MA leasing. The lease agreement specifies...
On January 1, 2020, Rowe leased a MRI machine from MA leasing. The lease agreement specifies 10 monthly payments of $9000.00 each beginning , 1/1/2020. The useful life of machine is estimated 3 years with an estimated residual value $50000
prepare journal entries for both the lessee and lessor
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On January 1, 2020, Rowe leased a MRI machine from MA leasing.
The lease agreement specifies...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Skysong Company....
Laura Leasing Company signs an agreement on January 1, 2020, to
lease equipment to Skysong Company. The following information
relates to this agreement.
1.
The term of the non-cancelable lease is 3 years with no renewal
option. The equipment has an estimated economic life of 5
years.
2.
The fair value of the asset at January 1, 2020, is
$77,000.
3.
The asset will revert to the lessor at the end of the lease
term, at which time the asset...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Shamrock Company....
Laura Leasing Company signs an agreement on January 1,
2020, to lease equipment to Shamrock Company. The following
information relates to this agreement.
1.The term of the non-cancelable lease is 3 years with
no renewal option. The equipment has an estimated economic life of
5 years.
2.The fair value of the asset at January 1, 2020, is
$55,000.
3.The asset will revert to the lessor at the end of
the lease term, at which time the asset is expected to...
On January 1, 2018, Lesco Leasing leased equipment to Quality Services under a finance/sales- type lease...
On January 1, 2018, Lesco Leasing leased equipment to Quality Services under a finance/sales- type lease designed to earn NRC a 12% rate of return for providing long-term financing. The lease agreement specified: a. Ten annual payments of $56,000 beginning January 1, 2018, the beginning of the lease and each December 31 thereafter through 2026. b. The estimated useful life of the leased equipment is 10 years with no residual value. Its cost to Lesco was $322,741. c. The lease...
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...
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...
Metlock Leasing Company signs an agreement on January 1, 2020, to lease equipment to Cole Company....
Metlock Leasing Company signs an agreement on January 1, 2020,
to lease equipment to Cole Company. The following information
relates to this agreement.
1.
The term of the non-cancelable lease is 6 years with no renewal
option. The equipment has an estimated economic life of 6
years.
2.
The cost of the asset to the lessor is $240,000. The fair value
of the asset at January 1, 2020, is $240,000.
3.
The asset will revert to the lessor at the...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Blue Company. The following informat...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Blue Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $78,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
On January 2, 2020, Petronila Company leased several machines from Petrakos Corporation under a three-year lease...
On January 2, 2020, Petronila Company leased several machines from Petrakos Corporation under a three-year lease agreement. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines were acquired by Petrakos at a cost of $130,000 and are expected to have a useful life of 6 years with no expected residual value. Required: 1. How Petronila classify this lease? and how Petrakos’s classified it? 2. Prepare the appropriate journal...
On January 1, 2021, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed...
On January 1, 2021, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn NRC a 12% rate of return for providing long-term financing. The lease agreement specified: (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.) Ten annual payments of $56,000 beginning January 1, 2021, the beginning of the lease and each December 31 thereafter through 2029. The...
On January 1, 2018, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed...
On January 1, 2018, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn NRC a 12% rate of return for providing longterm financing. The lease agreement specified: (FVof 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.) a. Ten annual payments of $56,000 beginning January 1, 2018, the beginning of the lease and each December 31 thereafter through 2026 b....
Laura Leasing Company signs an agreement on January 1, 2020, to
lease equipment to Skysong Company. The following information
relates to this agreement.
1.
The term of the non-cancelable lease is 3 years with no renewal
option. The equipment has an estimated economic life of 5
years.
2.
The fair value of the asset at January 1, 2020, is
$77,000.
3.
The asset will revert to the lessor at the end of the lease
term, at which time the asset...
Laura Leasing Company signs an agreement on January 1,
2020, to lease equipment to Shamrock Company. The following
information relates to this agreement.
1.The term of the non-cancelable lease is 3 years with
no renewal option. The equipment has an estimated economic life of
5 years.
2.The fair value of the asset at January 1, 2020, is
$55,000.
3.The asset will revert to the lessor at the end of
the lease term, at which time the asset is expected to...
On January 1, 2018, Lesco Leasing leased equipment to Quality Services under a finance/sales- type lease designed to earn NRC a 12% rate of return for providing long-term financing. The lease agreement specified: a. Ten annual payments of $56,000 beginning January 1, 2018, the beginning of the lease and each December 31 thereafter through 2026. b. The estimated useful life of the leased equipment is 10 years with no residual value. Its cost to Lesco was $322,741. c. The lease...
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...
Metlock Leasing Company signs an agreement on January 1, 2020,
to lease equipment to Cole Company. The following information
relates to this agreement.
1.
The term of the non-cancelable lease is 6 years with no renewal
option. The equipment has an estimated economic life of 6
years.
2.
The cost of the asset to the lessor is $240,000. The fair value
of the asset at January 1, 2020, is $240,000.
3.
The asset will revert to the lessor at the...
Laura Leasing Company signs an agreement on January 1, 2020, to lease equipment to Blue Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. The fair value of the asset at January 1, 2020, is $78,000. 3. The asset will revert to the lessor at the end of the lease term, at which time the asset...
On January 1, 2018, Lesco Leasing leased equipment to Quality Services under a finance/sales-type lease designed to earn NRC a 12% rate of return for providing longterm financing. The lease agreement specified: (FVof 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.) a. Ten annual payments of $56,000 beginning January 1, 2018, the beginning of the lease and each December 31 thereafter through 2026 b....
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