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Jordan Industries manufactures and leases to its customers five-ton construction dump trucks. The lease arrangements are usually as follows: Payments on the lease are due for five years after its inception, but the present value is not greater than 90% of the fair value of the trucks at the time of the sale.
The trucks revert to Jordan at the end of the lease. Estimated economic life of the trucks is 10 years. No substantial uncertainties exist as to future payments Jordan must make, and potential customers are thoroughly checked for creditworthiness before the trucks are leased to them.
Jordan’s accountant has informed the company that there are advantages from a reporting standpoint in treating the leases as sales-type instead of operating leases. QUESTION: 1) Discuss the reasons why Jordan would want to treat the leases as a sales-type instead of operating leases.
Try to evaluate filings before, during, and after ERP systems were implemented. Summarize your findings. How would you describe reasons for the company's revenue and net Income trend to the average personal investor
Making the journal entries to record merchandising operation's activities create the journal entries necessary to record the following eight transactions.
To lower the value of its stock, Ostrich distributes $4 million cash to Daisy (sufficient E & P exists to cover the distribution). At a later date, Daisy sells Ostrich for $26 million. Illustrate what are the tax consequences to Daisy on the sale?
Multiple choices on Defective products in Production - Patrick\'s production manager reports that the defects can be corrected for $5 per unit, enabling them to be sold at their regular market price of $12.50
Land, Buildings, and Machinery - Prepare a schedule showing the amounts to be recorded as Land, Buildings, and Machinery.
Thank you. Since it is an assignment, I don't how to resubmit as three questions. I am new to Expertsmind. How long will the assignment take to be completed and are the answers guaranteed to be correct? I have already submitted the entire assignme..
Prepare the journal entry to record the issuance of the bonds. Compute the total cost of borrowing for these bonds.
Krouse Corporation reports that at an activity level of 8,100 units, its total variable cost is $517,995 and its total fixed cost is $197,700. What would be the total cost, both fixed and variable, at an activity level of 8,600 units? Assume that ..
Explain how much gain or loss does each party recognize? What is the basis of the properties held by each at the end of the transaction? How much of each partys gain or loss is postponed (deferred)?
The family and friends usually give the clerk cash as a"thank you". Illustrate which procedure will not prevent or detect this fraud?
Evaluate product cost and purpose an income statement under absorption and variable costing.
A clothing manufacturing corporation donates last year’s inventory to the Red Cross for use in its disaster relief efforts. The clothes have a fair market value of $200,000 and a basis to the corporation of $75,000. What is its charitable contrib..
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