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On January 1, Espinoza Moving and Storage leased a truck for a four-year period, at which...
21 On January 1, Company A leased equipment for a six-year period. Annual lease payments are...
21
On January 1, Company A leased equipment for a six-year period. Annual lease payments are $11,000 due on December 31 of each year. The payments are calculated by the lessor using a 8% discount rate. If Company A's revenues exceed a specified amount during the lease term, Company A will pay an additional $5,000 lease payment at the end of the lease. Company A estimates a 60% probability of meeting the target revenue amount. What amount should be recorded...
On January 1, Garcia Supply leased a truck for a four-year period, at which time possession...
On January 1, Garcia Supply leased a truck for a four-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $11,000 due on December 31 of each year, calculated by the lessor using a 5% discount rate. Negotiations led to Garcia guaranteeing a $39,800 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $38,600. (FV of $1, PV of $1,...
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession...
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor Annual lease payments are $14,500 due on December 31 of each year, calculated by the lessor using a 6% discount rate Negotiations led to Garcia guaranteeing a $67,600 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $65.700. (FV of S1. PV of $1....
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession...
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $16,500 due on December 31 of each year, calculated by the lessor using a 4% discount rate. Negotiations led to Garcia guaranteeing a $79,300 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $78,100. (FV of $1. PV of $1....
CHAPTER 15, 5 On January 1, Garcia Supply leased a truck for a five-year period, at...
CHAPTER 15, 5
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $14,500 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotatons led to Garcia guaranteeing a $67,600 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $65,700. (FV of $1,...
On January 1, Roberts Co. leased a truck for a four-year period, at which time possession...
On January 1, Roberts Co. leased a truck for a four-year period, at which time possession of the truck will revert back to the lessor Annual lease payments are $11,500 due on December 31 of each year, calculated by the lessor using a 8% discount rate. Negotiations led to Roberts guaranteeing the lessor a $34,500 residual value at the end of the lease term although Roberts estimates that the residual value after four years will be $32,100. What is the...
On January 1, Claude Co. leased a car for a four-year period, at which time possession...
On January 1, Claude Co. leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $10,700 due on December 31 of each year, calculated by the lessor using a 8% discount rate. Negotiations led to Claude guaranteeing the lessor a $32,100 residual value at the end of the lease term although Claude estimates that the residual value after four years will be $29,800. What is the...
On January 1, Claude Co. leased a car for a four-year period, at which time possession...
On January 1, Claude Co. leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $27,200 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotiations led to Claude guaranteeing the lessor a $81,600 residual value at the end of the lease term although Claude estimates that the residual value after four years will be $77,700. What is the...
On January 1, 2018, Rick’s Pawn Shop leased a truck from Corey Motors for a six-year...
On January 1, 2018, Rick’s Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. Rick’s had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. Annual lease payments are $10,000 due on December 31 of each year, calculated by the lessor using a 5% interest rate. The agreement is considered an operating lease.Required:1. Prepare Rick’s journal entry to record...
On January 1, James Industries leased equipment to a customer for a four-year period, at which...
On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $780,000 and has an expected useful life of six years. Its normal sales price is $780,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate...
21
On January 1, Company A leased equipment for a six-year period. Annual lease payments are $11,000 due on December 31 of each year. The payments are calculated by the lessor using a 8% discount rate. If Company A's revenues exceed a specified amount during the lease term, Company A will pay an additional $5,000 lease payment at the end of the lease. Company A estimates a 60% probability of meeting the target revenue amount. What amount should be recorded...
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor Annual lease payments are $14,500 due on December 31 of each year, calculated by the lessor using a 6% discount rate Negotiations led to Garcia guaranteeing a $67,600 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $65.700. (FV of S1. PV of $1....
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $16,500 due on December 31 of each year, calculated by the lessor using a 4% discount rate. Negotiations led to Garcia guaranteeing a $79,300 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $78,100. (FV of $1. PV of $1....
CHAPTER 15, 5
On January 1, Garcia Supply leased a truck for a five-year period, at which time possession of the truck will revert back to the lessor. Annual lease payments are $14,500 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotatons led to Garcia guaranteeing a $67,600 residual value at the end of the lease term. Garcia estimates that the residual value after four years will be $65,700. (FV of $1,...
On January 1, Roberts Co. leased a truck for a four-year period, at which time possession of the truck will revert back to the lessor Annual lease payments are $11,500 due on December 31 of each year, calculated by the lessor using a 8% discount rate. Negotiations led to Roberts guaranteeing the lessor a $34,500 residual value at the end of the lease term although Roberts estimates that the residual value after four years will be $32,100. What is the...
On January 1, Claude Co. leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $10,700 due on December 31 of each year, calculated by the lessor using a 8% discount rate. Negotiations led to Claude guaranteeing the lessor a $32,100 residual value at the end of the lease term although Claude estimates that the residual value after four years will be $29,800. What is the...
On January 1, Claude Co. leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $27,200 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotiations led to Claude guaranteeing the lessor a $81,600 residual value at the end of the lease term although Claude estimates that the residual value after four years will be $77,700. What is the...
On January 1, James Industries leased equipment to a customer for a four-year period, at which time possession of the leased asset will revert back to James. The equipment cost James $780,000 and has an expected useful life of six years. Its normal sales price is $780,000. The residual value after four years is $100,000. Lease payments are due on December 31 of each year, beginning with the first payment at the end of the first year. The interest rate...
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