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On January 2, 2011, Gold Star Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $40,000 each, payable beginning December 31, 2011. Brick Co. agrees to guarantee the $25,000 residual value of the asset at the end of the lease term. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. What journal entry would Gold Star make at January 2, 2011 assuming this is a direct-financing lease?
diston company uses the weighted-average method in its process costing system. the first processing department the
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How should Home Computer classify (for impairment testing purposes) the assets to be scrapped in the video monitor operations and the assets to be sold in the printer manufacturing operations at March 31, 2002?
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leetch ltd. borrows 400000 cash from a bank by signing a five-year installment note bearing 8 interest. the note
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