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On January 1, 2014, a machine was purchased for $900,000 by Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to St. Leger Inc. on January 1, 2014, at an annual rental of $210,000. Other relevant information is as follows. 1. The lease term is for 3 years. 2. Young Co. incurred maintenance and other executory costs of $25,000 in 2014 related to this lease. 3. The machine could have been sold by Young Co. for $940,000 instead of leasing it. 4. St. Leger is required to pay a rent security deposit of $35,000 and to prepay the last month's rent of $17,500. (a) How much should Young Co. report as income before income tax on this lease for 2014? Income before income tax $ (b) What amount should St. Leger Inc. report for rent expense for 2014 on this lease? Rent expense $
The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year's depreciation expense of $3,600 for the equipment as of December 31, 2013
If a calculator will sell for $42 each, the Variable Costs to produce it are $24 per unit, and the Fixed Costs per month are $39,600, then how many calculators must be sold per month to Break Even?
Assume Karen is 12 years old and her only income is $2,500 of interest income from a bank account with money her parents have given her to save for college. What are the options Karen has for filing her tax return?
In early 1992, GE announced that it would cut back its capital investment in Tungsram. What might have been the purpose of GE's publicly announced cutback?
Use the following information and the percent-of-sales method to answer questions. For consistency with the Answer selections provided, please round your forecast percentages to two decimals.)
if the contribution margin ratio is 70% ,targeted operating income is $86000 and targeted sales in dollars is $480,000. what are total fixes expenses?
A forensic accountant should acquire a behind-the-scenes understanding of network traffic on the Internet. An understanding begins with Internet protocols. Explain Transmission Control Protocol (TCP) and Internet Protocol (IP).
Pedro's child attends a school operated by the church the family attends. Pedro made a donation of $1,000 to the church in lieu of the normal registration fee of $200. In addition, Pedro paid the regular tuition of $6,000 to the school. Based on t..
Assume the states between years are independent, an interest rate of 6%, and state 1 is realized in year 1. Show the balance sheet, income statement, and residual income / goodwill analysis for year 1.
The company has sufficient capacity to produce the additional units. How much is the relevant income effect of accepting the special order?
Would you please give me some thoughts about this topic: essay discussing the benefits of moving into IFRS from GAAP or some difficulties on doing it.
The cost of material that is not completely processed, would be found in which of the following inventory account on the Balance Sheet?
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