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Question - On January 1, 2017, Metlock Corporation signed a 5-year noncancelable lease for a machine. The terms of the lease called for Metlock to make annual payments of $7,880 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. Metlock uses the straight-line method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is 10%, and the lessor's implicit rate is unknown.
Compute the present value of the minimum lease payments.
Prepare necessary journal entries for Metlock for this lease through January 1, 2018.
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An Alumnus of West Virginia University whishes to start an endowment that will provide scholarship money of $40,000 per year beginning in year 5 and continuing indefinitely. The donor plans to give money now and for each of the next 2 years. If th..
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Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding.
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