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Question - Federated Fabrications leased a tooling machine on January 1, 2021, for a three-year period ending December 31, 2023. The lease agreement specified annual payments of $36,000 beginning with the first payment at the beginning of the lease, and each December 31 through 2022. The company had the option to purchase the machine on December 30, 2023, for $45,000 when its fair value was expected to be $60,000, a sufficient difference that exercise seems reasonably certain. The machine's estimated useful life was six years with no salvage value. Federated was aware that the lessor's implicit rate of return was 12%.
Required - Prepare an amortization schedule that describes the pattern of interest expense for Federated over the lease term.
Research and find the latest 10K for Amazon.com. How would you primarily classify the company? Is it a service, a merchandiser, or a manufacturing organization? Explain, giving reasons.
calculation cost to make a product.the parts division sells product a for 14.25 on the outside market. lately the
It cost $80,000 and had a carrying amount of 46,000. Which of the following entries appropriately reflects the gain or loss on the equipment?
Luxottica Group, the Italian company that sells Ray Ban and Killer Loop sunglasses, reported a gross profit percentage of 66.4 percent in 2008 and 65.4 percent in 2009. In each of these two years, the company’s net sales were steady at 5 million euro..
Journalize entry to record first interest payment on October 1, 20Y1, and amortization of bond premium for six months, using the straight-line method.
Where applicable, it applies the half-year rule. What is depreciation expense for 2019 using the units-of- production method (rounded to nearest dollar)?
How much cash has Campbell Soup used for business acquisitions? How much cash did Campbell generate from sale of businesses over the past three years?
The carrying amount of the land in the book was Php 480,000 and a zonal value of Php. How much is the gain (loss) on exchange to be recognize in 2018 equity?
Prepare the schedules for each month in the first quarter of 2010 and for the quarter in total expected collections from clients.
What is the amount of cash that remains in the C corporation - what nontax factors should Richard and Jack consider in making this decision?
The March bank statement shown an ending balance of $20,245.00. Comparing bank statement, the canceled checks, and the accompanying memos
Compute the effect on income if Cornish accepts the special order. If Cornish accepts the special order, how much could normal sales drop before all of the differential profits disappear?
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