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On January 1 of year 1, Falk Company signed a contract to lease space in a building for 3 years. The lease contract calls for annual (prepaid) rental payments of $94,000 on each January 1 throughout the life of the lease and for the lessee to pay for all additions and improvements to the leased property. Present value of the three lease payments is $261,600.
Required:
Question 1. Assume the lease is accounted for as a finance lease. Prepare entries for Falk to record (a) the lease asset and obligation at January 1, Year 1, and (b) the $87,200 per year straight-line amortization at December 31 of Year 1, 2, and 3.
At January 1, 2014, Langley Company’s outstanding shares included the following. 375,000 shares of $51 par value, 7% cumulative preferred stock. Compute earnings per share for 2014. Assume that financial statements for 2014 were issued in March 2015.
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In order to calculate the net present value of a proposed investment, it is necessary to know:
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