Ivanhoe Corporation recorded a capital lease at $249,000 on January 1, 2017. The interest rate is...
Ivanhoe Corporation recorded a capital lease at $249,000 on January 1, 2017. The interest rate is 11%. Ivanhoe Corporation made the first lease payment of $53,025 on January 1, 2017. The lease requires 6 annual payments. The equipment has a useful life of 6 years with no salvage value. Assume that at December 31, 2017, Ivanhoe made an adjusting entry to accrue interest expense of $21,557 on the lease. Prepare Ivanhoe’s January 1, 2018, journal entry to record the second lease payment of $53,025.
Homework Answers
| Date | Accounts | Debit | Credit |
| January 1, 2018 | Lease Payable (53025-21557) | $31,468 | |
| Interest Payable | $21,557 | ||
| Cash | $53,025 |
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Ivanhoe Corporation recorded a capital lease at $249,000 on January 1, 2017. The interest rate is...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Ayayai Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful ife of 7 years with no salvage value. Assume that at December 31, 2017, Ayayai made an adjusting entry to accrue interest expense of $18,108 on the lease. Prepare Ayayai's Jamuary 1, 2018, journal entry to...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Pharoah Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no salvage value. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places e.g. I 25) Date Debit...
Brief Exercise 20-9 Ivanhoe Ltd., a public company following IFRS 16, recorded a right-of-use asset and...
Brief Exercise 20-9 Ivanhoe Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $159,600 on May 1, 2020. The interest rate is 12%. Ivanhoe made the first lease payment of $31,224 on May 1, 2020. The lease requires a total of 7 annual payments. The equipment has a useful life of 7 years with no residual value. Assume that at December 31, 2020, Ivanhoe made an adjusting entry to accrue interest expense of $10,270...
On January 1, 2018, Ivanhoe Corporation signed a 5-year noncancelable lease for equipment. The terms of the lease called...
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On January 1, 2018, Ivanhoe Corporation signed a 5-year noncancelable lease for equipment. The terms of...
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Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate...
Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate is 104 recurs al payments. The coument has a useful le of years with no savage value Vaughn Corporation made the first lease payment of $36,535 on January 1, 2017. The lease Prepare Vaughn Corporation's December 31, 2017, adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "Ne Entry for the...
On January 1, 2017, Bramble Corporation signed a 5-year noncancelable lease for a machine. The terms...
On January 1, 2017, Bramble Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Bramble to make annual payments of $8,176 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Bramble uses the straight-line method of depreciation for all of its plant...
On January 1, 2017, Marin Corporation signed a 5-year noncancelable lease for a machine. The terms...
On January 1, 2017, Marin Corporation signed a 5-year
noncancelable lease for a machine. The terms of the lease called
for Marin to make annual payments of $8,560 at the beginning of
each year, starting January 1, 2017. The machine has an estimated
useful life of 6 years and a $4,800 unguaranteed residual value.
The machine reverts back to the lessor at the end of the lease
term. Marin uses the straight-line method of depreciation for all
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On January 1, 2017, Concord Corporation signed a 5-year noncancelable lease for a machine. The terms...
On January 1, 2017, Concord Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Concord to make annual payments of $8,479 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $4,600 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Concord uses the straight-line method of depreciation for all of its plant...
On January 1, 2017, Bramble Corporation signed a 5-year noncancelable lease for a machine. The terms...
On January 1, 2017, Bramble Corporation signed a 5-year
noncancelable lease for a machine. The terms of the lease called
for Bramble to make annual payments of $8,026 at the beginning of
each year, starting January 1, 2017. The machine has an estimated
useful life of 6 years and a $4,900 unguaranteed residual value.
The machine reverts back to the lessor at the end of the lease
term. Bramble uses the straight-line method of depreciation for all
of its plant...
Brief Exercise 21-4 Ayayai Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Ayayai Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful ife of 7 years with no salvage value. Assume that at December 31, 2017, Ayayai made an adjusting entry to accrue interest expense of $18,108 on the lease. Prepare Ayayai's Jamuary 1, 2018, journal entry to...
Question 1 Pharoah Corporation recorded a capital lease at $187,600 on January 1, 2017. The interest rate is 12%. Pharoah Corporation made the first lease payment of $36,702 on January 1, 2017. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no salvage value. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places e.g. I 25) Date Debit...
Brief Exercise 21-3 Vaugh Corporation recorded a capitalas 214,400 on January 1, 2017. The interest rate is 104 recurs al payments. The coument has a useful le of years with no savage value Vaughn Corporation made the first lease payment of $36,535 on January 1, 2017. The lease Prepare Vaughn Corporation's December 31, 2017, adjusting entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required select "Ne Entry for the...
On January 1, 2017, Bramble Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Bramble to make annual payments of $8,176 at the beginning of each year, starting January 1, 2017. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Bramble uses the straight-line method of depreciation for all of its plant...
On January 1, 2017, Marin Corporation signed a 5-year
noncancelable lease for a machine. The terms of the lease called
for Marin to make annual payments of $8,560 at the beginning of
each year, starting January 1, 2017. The machine has an estimated
useful life of 6 years and a $4,800 unguaranteed residual value.
The machine reverts back to the lessor at the end of the lease
term. Marin uses the straight-line method of depreciation for all
of its plant...
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noncancelable lease for a machine. The terms of the lease called
for Bramble to make annual payments of $8,026 at the beginning of
each year, starting January 1, 2017. The machine has an estimated
useful life of 6 years and a $4,900 unguaranteed residual value.
The machine reverts back to the lessor at the end of the lease
term. Bramble uses the straight-line method of depreciation for all
of its plant...
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