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On January 1, 2017, Indigo Co. sold equipment with an estimated useful life of 5 years. At the same time, Indigo leased back the equipment for 2 years under a lease classified as an operating lease. The sales price (fair value) of the equipment was $214,800, the carrying amount is $302,300, the monthly rental under the lease is $5,900, and the present value of the rental payments is $115,463.
Question 1: For the year ended December 31, 2017, determine which items would be reported on its income statement for the sale-leaseback transaction.
Question 2: Determine the gain or loss and the rent expense.
The first payment will be due in 6 months, the second in 18 months and the third in 30 months. What is the size of these payments if money is worth 10% compounded quarterly and a focal date of 18 months is used for evaluation purposes?
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A person received an inheritance of 500000 rs and want to invest a portion of it for future. His goal to accumulate 700000 rs in 12 year. How much of the inheritance should be invested if the money earns interest at 12% per year compounded semi an..
During October, Beidleman Inc. transferred $69,200 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $74,550.
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The following facts apply to Walken Company during December 2013:
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