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Question - Assume that IBM leased equipment that was carried at a cost of $148,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2017, with equal rental payments of $29,018 at the beginning of each year. All executory costs are paid by Swander directly to third parties. The fair value of the equipment at the inception of the lease is $148,000. The equipment has a useful life of 6 years with no salvage value. The lease has an implicit interest rate of 7%, no bargain-purchase option, and no transfer of title. Collectibility is reasonably assured with no additional cost to be incurred by IBM.
Prepare IBM's January 1, 2017, journal entries at the inception of the lease.
Naylor Company had $155,200 of net income in 2016 when the selling price per unit was $153, How find the number of units sold in 2016? Please show work
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LannyBeaudean joined the CPA firm of Cardinal & Coyote LLP in 2008 after working for two years for the IRS in Phoenix, Arizona. The firm is a second-tier CPA firm just below the Big Four in size.
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