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Question - Crane Corporation, which uses ASPE, manufactures replicators. On May 29, 2020, it leased to Oriole Limited a replicator that cost $265,200 to manufacture and usually sells for $416,000. The lease agreement covers the replicator's 6-year useful life and requires six equal annual rentals of $85,720 each, beginning May 29, 2020. The equipment reverts to Crane at the end of the lease, at which time it is expected that the replicator will have a residual value of $42,000, which is not guaranteed by Oriole, the lessee. An interest rate of 12% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs.
Required - Prepare Crane's May 29, 2020 journal entries.
Prepare the journal entries (no explanations required) on the appropriate dates to record the stock dividend and the stock split
on january 2 2011 potter company acquired 90 of the outstanding common stock of smiley company for 480000 cash. just
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Phuthi invests R25 000 into an account on 7th February. It will have accumulated to R25 570,08 on 10 November of the same year. The simple interest rate.
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Prepare journal entries in good form to record the foregoing transactions for the fiscal year ended June 30, 2011.
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