Please assist with answering the correct Account titles and figures in red! Please show all work! Thank you!
Answer
Please assist with answering the correct Account titles and figures in red! Please show all work!...
Exercise 21-15 Assume that on January 1, 2017, Elmer's Restaurants sells a computer system to Liquidity Finance Co.for $647,000 and immediately leases the computer system back. The relevant information is as follows. 1. The computer was carried on Elmer's books at a value of $566,000. 2. The term of the noncancelable lease is 10 years: title will transfer to Elmer 3. The lease agreement requires equal rental payments of $105,296 at the end of each year. 4. The incremental borrowing...
Assume that on January 1, 2017, Elmer’s Restaurants sells a computer system to Liquidity Finance Co. for $733,000 and immediately leases the computer system back. The relevant information is as follows. 1. The computer was carried on Elmer’s books at a value of $657,000. 2. The term of the noncancelable lease is 10 years; title will transfer to Elmer. 3. The lease agreement requires equal rental payments of $119,292 at the end of each year. 4. The incremental borrowing rate...
Exercise 21-15 Assume that on January 1, 2017, Elmer's Restaurants sells a computer system to Liquidity Finance Co. for $709,000 and immediately leases the computer system back. The relevant information is as follows. 1. The computer was carried on Elmer's books at a value of $636,000. 2. The term of the noncancelable lease is 10 years; title will transfer to Elmer 3. The lease agreement requires equal rental payments of $115,386 at the end of each year 4. The incremental...
Assume that on January 1, 2017, Elmer’s Restaurants sells a computer system to Liquidity Finance Co. for $683,000 and immediately leases the computer system back. The relevant information is as follows. 1. The computer was carried on Elmer’s books at a value of $600,000. 2. The term of the noncancelable lease is 10 years; title will transfer to Elmer. 3. The lease agreement requires equal rental payments of $111,155 at the end of each year. 4. The incremental borrowing rate...
Assume that on January 1, 2020, Elmer's Restaurants sells a computer system to Ivanhoe Finance Car for Information is as follows mediately leaves the computer system back. The relevant 1. The computer was carried on Elmer's books at a value of $780,000 2. The term of the non-cancelable lease is 3 years, title will not transfer to Elmer's, and the expected residual value at the end of the lease is $630,000, all of which is unguaranteed. 3. The lease agreement...
E21.23 (LOS) (Sale-Leaseback) Assume that on January 1, 2020. Elmer's Restaurants sells a com- puter system to Liquidity Finance Co. for $680,000 and immediately leases back the computer system. The relevant information is as follows. 1. The computer was carried on Elmer's books at a value of $600.000, 2. The term of the non-cancelable lease is 3 years, title will not transfer to Elmer's, and the expected residual value at the end of the lease is $450,000, all of which...
Please help with finding the right account titles! Brief Exercise 21A-7 Your answer is partially correct. Try again. Windsor Corporation recorded a right-of-use asset for S240 300 as a result of a finance lease on December 31, 2016. Windsor's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Windsor made the first lease payment of $41,440 on on December 31, 2016. The lease requires 9 annual payments. The...
Accounts Payable Accumulated Depreciation-Building Accumulated Depreciation-Leased Building Accumulated Depreciation-Capital Leases Accumulated Depreciation-Equipment Accumulated Depreciation-Leased Equipment Accumulated Depreciation-Leased Machinery Accumulated Depreciation-Machinery Advertising Expense Amortization Expense Airplanes Buildings Cash Cost of Goods Sold Deferred Gross Profit Deposit Liability Depreciation Expense Equipment Executory Costs Executory Costs Payable Gain on Disposal of Equipment Gain on Disposal of Plant Assets Gain on Lease Insurance Expense Interest Expense Interest Payable Interest Receivable Interest Revenue Inventory Land Leased Asset Leased Buildings Leased Equipment Lease Expense Leased Land...
Your answer is partially correct. Try again. Laura Leasing Company signs an agreement on January 1, 2017, to lease equipment to Swifty Company. The following information relates to this agreement. 1. 2. 3. 4. 5. 6. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. The fair value of the asset at January 1, 2017, is $69,000. The asset will revert to the lessor at the...
Problem 21-2 Your answer is partially correct. Try again. Pearl Inc. leased a new crane to Martinez Construction under a 5-year noncancelable contract starting January 1, 2017. Terms of the lease require payments of $29,900 each January 1, starting January 1, 2017. Pearl will pay insurance, taxes, and maintenance charges on the crane, which has an estimated life of 12 years, a fair value of $232,000, and a cost to Pearl of $232,000. The estimated fair value of the crane...