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Question - Finance Lease-Lessor:
On 1 January 20X1, Canada Leasing Inc. acquired an asset on behalf of Magnum Ltd. for $100,000. Canada Leasing and Magnum enter into a six-year lease for the asset, effective 1 January 20X1, with equal payments at the beginning of each lease year. Canada Leasing will earn 8% (before taxes) on the lease. Canada Lease has a 31 December fiscal year-end. Canada Leasing Inc uses the gross method of recording finance leases.
Required:
1. Determine the amount of each lease payment.
2. Make the journal entries that would appear in Canada Leasing Inc.'s accounts for 20X1, 20X2, and 20X3, using the net method of recording.
3. Repeat requirement 2, but use the gross method of recording the lease.
4. What amount(s) relating to the lease will be shown on Canada Leasing Inc.'s SFP on 31 December 20X3?
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During the month, Wembley Co. received $212,500 in cash and paid out $183,750 in cash.
Selected financial information of BuyRight Co. for the year ended December 31, 2011, follows.
1.Early in its fiscal year ending December 31, 2013, San Antonio Outfitters finalized plans to expand operations.
Describe the effect on a call option's price caused by an increase in each of the following factors.
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If the $3,900 cost of a new microcomputer and printer purchased for office use were recorded as a debit to Purchases, what would be the effect of the error on the balance sheet and income statement in the period in which the error was made?
HI6025 Accounting Theory and Current - Identifying the article's research question(s) or hypotheses and discussing its value, explaining whether and how it flowed from the literature review.
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