Homework Answers
Answer :
Given that :
| lease payable | 2,040 | |
| Interest expense | 1,360 | |
| Cash | 3,400 |
and
| Amortization expense | 1,860 | |
| Right-of-use asset | 1,860 |
Option D is correct
Operating lease
Because,the privilege of utilization resource is amortized together with cash.
In the event that the cash installment is equivalent to amortization expenses,then it is operating lease.
Add Answer to:
Crystal Corporation makes $3,400 payments every month for leasing office equipment. Crystal recorded a lease payment as follows: Lease payable Interest expense 2,040 1,360 3,400 Cash Amortization...
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.
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease...
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 $512,132 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...
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease...
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...
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease...
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 $681,229 over a four-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...
On June 30, 2021, Georgia-Atlantic, Inc. leased a warehouse equipment from IC Leasing Corporation. The lease...
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 $604,152 over a four-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 10%, 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...
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease...
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease on December 31, 2019. Kleckner's incremental borrowing rate is 8%, and the implicit rate of the lessor was not known at the commencement of the lease. Kleckner made the first lease payment of $48,337 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner's December 31, 2020, entries....
Buffalo Leasing Company agrees to lease equipment to Carla Corporation on January 1, 2017. The following...
Buffalo Leasing Company agrees to lease equipment to Carla Corporation on January 1, 2017. 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 $525,000, and the fair value of the asset on January 1, 2017, is $713,000. 3. At the end of the lease term, the asset reverts to the...
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement...
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-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 10%, 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 of...
On January 1, 2018, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease....
On January 1, 2018, Majestic Mantles leased a lathe from
Equipment Leasing under a finance lease. Lease payments are made
annually. Title does not transfer to the lessee and there is no
purchase option or guarantee of a residual value by Majestic.
Portions of the Equipment Leasing’s lease amortization schedule
appear below:
Effective Decrease in Outstanding Balance Jan. 1 Payments Interest Balance 257,535 230,035 225,538 220,592 215,152 209,167 202,583 2018 27,500 2018 27,500 27,500 27,500 27,500 27,500 27,500 27,500 2019...
On January 1, 2021, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease....
On January 1, 2021, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amortization schedule appear below: Effective Interest Jan. 1 Payments 2021 2022 2023 2024 2025 2026 2027 25,500 25,500 25,500 25,500 25,500 25,500 25,500 19,591 19, 119 18,608 18,057 17,461 16,818 Decrease in...
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 $512,132 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...
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...
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 $681,229 over a four-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...
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 $604,152 over a four-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 10%, 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...
Rick Kleckner Corporation recorded a right-of-use asset for $300,000 as a result of a finance lease on December 31, 2019. Kleckner's incremental borrowing rate is 8%, and the implicit rate of the lessor was not known at the commencement of the lease. Kleckner made the first lease payment of $48,337 on on December 31, 2019. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner's December 31, 2020, entries....
Buffalo Leasing Company agrees to lease equipment to Carla Corporation on January 1, 2017. 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 $525,000, and the fair value of the asset on January 1, 2017, is $713,000. 3. At the end of the lease term, the asset reverts to the...
On June 30, 2021, Georgia-Atlantic, Inc. leased warehouse equipment from IC Leasing Corporation. The lease agreement calls for Georgia-Atlantic to make semiannual lease payments of $562,907 over a three-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 10%, 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 of...
On January 1, 2018, Majestic Mantles leased a lathe from
Equipment Leasing under a finance lease. Lease payments are made
annually. Title does not transfer to the lessee and there is no
purchase option or guarantee of a residual value by Majestic.
Portions of the Equipment Leasing’s lease amortization schedule
appear below:
Effective Decrease in Outstanding Balance Jan. 1 Payments Interest Balance 257,535 230,035 225,538 220,592 215,152 209,167 202,583 2018 27,500 2018 27,500 27,500 27,500 27,500 27,500 27,500 27,500 2019...
On January 1, 2021, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Majestic. Portions of the Equipment Leasing's lease amortization schedule appear below: Effective Interest Jan. 1 Payments 2021 2022 2023 2024 2025 2026 2027 25,500 25,500 25,500 25,500 25,500 25,500 25,500 19,591 19, 119 18,608 18,057 17,461 16,818 Decrease in...
Most questions answered within 3 hours.
-
Tucson Machinery, Inc., manufactures numerically controlled
machines, which sell for an average price of $0.5 million...
asked 9 minutes ago -
Review the referenced paper by Melse (2008). Describe the
research question being addressed. Discuss the methods...
asked 14 minutes ago -
Please do all parts. I don't want to hear your as per guidelines
stuff. Do if...
asked 23 minutes ago -
1. Why is Hardy-Weinberg Theorum important? How can we
test whether a population is in H-W...
asked 23 minutes ago -
A sample of 3 is selected from 9 cards. How many permutation is
possible? Show Work.
asked 37 minutes ago -
Identify a commercial data mining software product (e.g., SAS)
and an open-source data mining product (e.g.,...
asked 40 minutes ago -
Following are the capital account balances for the William,
Jennings, and Bryan partnership:
William (40% of...
asked 31 minutes ago -
An investment project provides cash inflows of $770 per year for
11 years.
a. What is...
asked 40 minutes ago -
About the lecture of human resource management, give me the
process and schedule of how the...
asked 38 minutes ago -
A fair D10 die is rolled 100 times. What is the probability of
rolling five 1s,...
asked 51 minutes ago -
Other than hydrogen bonding, what is the major interaction that
causes proteins to fold into compact,...
asked 51 minutes ago -
In an RC circuit, the total resistance is 1 k ohm and the
battery voltage is...
asked 57 minutes ago