On december 31 2011 lang corporation leased a ship from

Reference no: EM13600140

On December 31, 2011, Lang Corporation leased a ship from Fort Company for an eight-year period expiring December 30, 2019. Equal annual payments of $200,000 are due on December 31 of each year, beginning with December 31, 2011. The lease is properly classified as a capital lease on Lang 's books. The present value at December 31, 2011 of the eight lease payments over the lease term discounted at 10% is $1,173,685. Assuming all payments are made on time, the amount that should be reported by Lang Corporation as the total obligation under capital leases on its December 31, 2012 balance sheet is?

Reference no: EM13600140

Questions Cloud

Foam pet mattress company can sell as many pet bed models a : foam pet mattress company can sell as many pet bed models a and b that it can produce but the company has limited

Asher corporation incurred the following manufacturing : asher corporation incurred the following manufacturing costs this period direct labor 912000 direct materials 782000

November 1 borrowed 20000 at 6 interest for 5 years with : february 1 paid 3750 accounts payable balance due to a supplier.march 15 received 2500 partial payment on a 5000

When there is a balance of under or over applied overhead : when there is a balance of under or over applied overhead there are two acceptable methods for closing out this

On december 31 2011 lang corporation leased a ship from : on december 31 2011 lang corporation leased a ship from fort company for an eight-year period expiring december 30

A total of 29 units were started and 4 spoiled units were : a total of 29 units were started and 4 spoiled units were detected and rejected at final inspection yielding 25 good

On december 312008 the board of directors declared the full : on december 312008 the board of directors declared the full annual stated cash dividend on the preferred stock and a

Miller company appropriately uses the installment method of : miller company appropriately uses the installment method of accounting to recognize income in its financial

Jot construction company uses the percentage-of-completion : jot construction company uses the percentage-of-completion method of accounting. in 2013 jot began work on a contract

User Account

All Pages