Reference no: EM131295680
On January 1, 2015, Joey Co. leased a color copier from Legoria Corp. The color copier had a fair market value of $479,079. The lease agreement specifies annual payments beginning January 1, 2013, the inception of the lease, in the amount of $92,931. The lease term is 6 years and the economic life of the color copier is 7 years. At the end of the 6 year lease term, the Color copier is expected to have a residual value of $60,000, which is guaranteed by the Lessee. Joey Co’s incremental borrowing rate is 10% and Legoria Corp’s implicit rate is unknown by Joey Co.
Required:
(1) What type of Lease is this for Joey Co.? Show support for your answer
(2) Compute the Present value of the Minimum Lease payments [Show support for your answer, if you use calculator, document what you entered into the calculator]
(3) Prepare the journal entries for Joey Co. [Lessee] for the period from January 1, 2015 [inception of the lease] through January 1, 2016 [the 2nd Lease payment].
|
Provide a report on your organisations employee relations
: BSB61015 - Advanced Diploma of Leadership and Management Purpose of Assessment - Provide a report on your organisation's employee relations policy and procedures and conflict and early intervention in respect to employee grievances and problems
|
|
Completion of assigned goals and objectives
: What leadership skills are required to ensure that all group/team members contribute to the completion of assigned goals and objectives?
|
|
Developing organizational capabilities
: What are different approaches that firms have taken in developing organizational capabilities?
|
|
Write a differential equation
: For the inverting OP AMP circuit shown in Figure, write a differential equation for vO(t) in terms of the elements and vS(t).
|
|
Compute the present value of the minimum lease payments
: On January 1, 2015, Joey Co. leased a color copier from Legoria Corp. The color copier had a fair market value of $479,079. The lease agreement specifies annual payments beginning January 1, 2013, the inception of the lease, in the amount of $92,931...
|
|
Prepare absorption costing income statement for quarter end
: The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,900 Accounts receivable $ 25,600 Inventory $ 48,000 Building and equipment, Complete the following: Budg..
|
|
How organization can reduce the risk they face in relocating
: How the country's policies influence its productivity growth? How the country's financial system is related to key macroeconomic variables? How your organization can reduce the risk they would face in relocating?
|
|
What are the state and federal objectives of punishment
: Write a paper that analyzes the principal objectives of punishment within the U.S. corrections system.What are the state and federal objectives of punishment? How does sentencing affect the state and federal corrections systems overall?
|
|
Find the maximum available average power at the interface
: Find the maximum available average power at the interface shown in the figure.- Specify the load required to extract the maximum average power.
|