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Wadkins Company, a machinery dealer, leased a machine to Romero Corporation on January 1, 2011. The lease is for an 8-year period and requires equal annual pay- ments of $38,514 at the beginning of each year. The first payment is received on January 1, 2011. Wadkins had purchased the machine during 2010 for $170,000. Collectibility of lease payments is reasonably pre- dictable, and no important uncertainties surround the amount of costs yet to be incurred by Wadkins. Wadkins set the annual rental to ensure an 11% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Wadkins at the termination of the lease.
Instructions
A) Compute the amount of the lease receivable.
B) Prepare all necessary journal entries for Wadkins for 2011.
Describe in detail an ethical dilemma in business that you or a coworker experienced and how it was resolved.
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A substantial number of hours was spent by Raleigh and Mincin in resolving relatively minor differences between the confirmation replies and the accounting records. Alternative audit procedures were used for supplier who did not respond to the con..
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