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Question: Exercise 15-29 (Algo) Finance lease; purchase options; lessee [LO15-2, 15-6] 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 $44,000 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 $53,000 when its fair value was expected to be $68,000, 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 9%. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1. Calculate the amount Federated should record as a right-of-use asset and lease liability for this finance lease. 2. an amortization schedule that describes the pattern of interest expense for Federated over the lease term. 3. Prepare the appropriate entries for Federated from the beginning of the lease through the end of the lease term.
Which event after the reporting period would require adjustment? Loss on a lawsuit the outcome of which was deemed uncertain at year-end
Marcia died on June 1, 2015; survived by her husband, Asher and two sons, Clark and Dirk. Marcia’s only lifetime taxable gift was made in October 2012 in the taxable amount of $5.25 million in stock. She did not elect gift splitting. Assume the execu..
question sue of sues sandwiches sells soda and sandwiches from a sidewalk cart in a popular park near her home. she
Purchased medicines from Unilove Pharma, P40,000 but was not charged because it was deemed donated to Resilience. How much is the total other revenues
Fleet Foot buys hiking socks, If Fleet Foot desires a $14,000 operating income, what are the monthly sales in units needed to hit this desired level?
Evaluate the amount of the discount on these bonds at issuance? How much net bond interest expense may be recognized over the life of these bonds?
Interest rates on 4-year Treasury securities are currently 8%, while 6-year Treasury securities are 8.5%. If the pure expectations theory is correct, what does the market believe that 2-year securities will be yielding 4 years from today?
How the balance sheet exposure differs under the two aforementioned methods. Select the method that you believe provides the least balance sheet exposure.
Which is not considered a stakeholder of an organization? Which Stockholders can best be defined as? investors who lend money to a business for a short period
In any situation, the first step is to identifying the amount of capital you need and how much risk are you willing to take for the return you expect.
Calculate the sum of carrying cost and the shortage cost. XYZ is a retailer and sells 198,000 units per year. It purchases from a single supplier.
Explain premium on bonds payable and its amortization. How is carrying value of bonds payable determined at the end of the accounting period
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