User Account

All Pages

Prepare a lease amortization table for given time period

Assignment Help Accounting Basics
Reference no: EM131759552

Question: On January 1, 2018, Dalton Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Dalton to make annual payments of $50,000 at the beginning of each year for five years with the equipment going back to the lessor at the end of this period. The equipment has an estimated useful life of 6 years and no salvage value. Dalton uses the straight-line method of depreciation for all of its fixed assets. Dalton accordingly accounts for this lease transaction as a capital lease. The minimum lease payments were determined to have a present value of $208, 493 at an effective interest rate of 10%

a. Prepare a lease amortization table for 2018 & 2019

b. Record the journal entries for 1/1/18, 12/31/18 & 1/1/19.

Reference no: EM131759552

Questions Cloud

Net income included a loss from discontinued operations : On January 1, 2018, Culver Corp. had 502,000 shares of common stock outstanding. During 2018, it had the following transactions that affected the Common Stock.
Best combinations of resources to use : Some large hardware stores, such as Home Depot, boast of carrying as many as 20,000 different products in each store.
Which topics would you like to learn more : Which would you like to learn more about? Can we, as world citizens, solve some of the challenges that impact our society so strongly in these times?
What is the associated deadweight loss : How much profit can the monopolist generate with first-degree price discrimination if resale can be prevented? What is the associated deadweight loss.
Prepare a lease amortization table for given time period : On January 1, 2018, Dalton Corporation signed a five-year noncancelable lease for equipment. The terms of the lease called for Dalton to make annual payments.
Key aspects of an entrepreneurial mindset : Entrepreneurship and Small Business Management - Determine and assess the key aspects of an entrepreneurial mindset - different environments that foster
General ledger of tnt fireworks for the account balances : During January 2018, the following transactions occur: January 1. Purchase equipment for $20,400. The company estimates a residual value of $2,400.
Discuss how to classify these temporary tax differences : how to classify these temporary tax differences on her books at year-end. In your memo give FASB sources for her that validates
Benefits of international trade : In principle, the benefits of international trade to a country exceed the costs, no matter?whether the country is importing or exporting.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd