Crystal Corporation makes $3,100 payments every month for leasing office equipment. Crystal recorded a lease payment...
Crystal Corporation makes $3,100 payments every month for
leasing office equipment. Crystal recorded a lease payment as
follows:
| Lease payable | 1,860 | |
| Interest expense | 1,240 | |
| Cash | 3,100 |
| Amortization expense | 1,860 | |
| Right-of-use asset | 1,860 |
Crystal must have a(n):
Multiple Choice
-
Finance lease.
-
Leveraged lease.
-
Operating lease.
-
Sales-type lease without selling profit.
Homework Answers
Operating lease
Because the right of use asset is amortized together with cash.
So option C is the answer
Add Answer to:
Crystal Corporation makes $3,100 payments every month for
leasing office equipment. Crystal recorded a lease payment...
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1. Record the beginning of the lease for Winn. 2.Record the advance payment made at the...
1. Record the beginning of the
lease for Winn.
2.Record the advance payment made at the beginning of the lease
by Winn.
3.Record the lease payment for Winn.
4. Record the amortization the right-of-use asset for Winn.
5.Recored depreciation for Winn.
6.Recored the lease payment for Winn.
7. Record the amortization of the right-of-use asset for
Winn.
8.Recored deprecation for Winn.
9.Recored the lease payment for Winn.
10.Recored the amortization of the right-of-use asset for
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11. Recored depreciation for...
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On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse
equipment from IC Leasing Corporation. The lease agreement calls
for Georgia-Atlantic to make semiannual lease payments of $509,761
over a five-year lease term, payable each June 30 and December 31,
with the first payment at June 30, 2021. Georgia-Atlantic's
incremental borrowing rate is 8%, the same rate IC uses to
calculate lease payment amounts. Amortization is recorded on a
straight-line basis at the end of each fiscal year. The fair value...
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1. Record the beginning of the
lease for Winn.
2.Record the advance payment made at the beginning of the lease
by Winn.
3.Record the lease payment for Winn.
4. Record the amortization the right-of-use asset for Winn.
5.Recored depreciation for Winn.
6.Recored the lease payment for Winn.
7. Record the amortization of the right-of-use asset for
Winn.
8.Recored deprecation for Winn.
9.Recored the lease payment for Winn.
10.Recored the amortization of the right-of-use asset for
Winn.
11. Recored depreciation for...
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