User Account

All Pages

Prepare january journal entry harbor records at inception

Assignment Help Accounting Basics
Reference no: EM133137742

Question - On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. The lease requires five $36,000 lease payments (the first at the beginning of the lease and the remaining four at December 31 of years 1, 2, 3, and 4), and the present value of the five annual lease payments is $155,237, based on an 8% interest rate.

Required -

1. Prepare the January 1 journal entry Harbor records at Inception of the lease for any asset or liability.

2. Prepare the January 1 entry Harbor records for the first $36,000 cash lease payment.

3. If the leased asset has a five-year useful life with no salvage value, prepare the December 31 journal entry Harbor records each year for amortization of the leased asset.

Reference no: EM133137742

Questions Cloud

Prepare the journal entry to record the bond retirement : On January 1, 2019, Shay Company issues $370,000 of 12%, 12-year bonds. Prepare the journal entry to record the bond retirement
Prepare a straight-line amortization table for these bonds : Tano Company issues bonds with a par value of $87,000 on January 1, 2019. Prepare a straight-line amortization table for these bonds
Troubleshoot malfunctioning displays : Case Study: "Catherine is a new hire at a startup that produces LCD displays for large venues, such as shopping malls. Part of her job requires her to troublesh
Design for a cross-functional training program : Your organization is building a new plant in the southwestern United States. This is the first time that a human resources professional will be part of the desi
Prepare january journal entry harbor records at inception : On January 1, Harbor (lessee) signs a five-year lease for equipment that is accounted for as a finance lease. Prepare January journal entry Harbor records
Collective bargaining strategy distributive : Which collective bargaining strategy distributive or integrative is most applicable at workplace and why? Explain.
How hr can contribute strategically to the overall success : Explain 4 examples of what and how HR can contribute strategically to the overall success of the organization
Estimate cash disbursements related to purchases : Purchases in December 2020 are expected to be $116,800. Estimate cash disbursements related to purchases for each month of the first quarter of 2021
Internal supply of employees exceeds demand : What can an organization do when internal supply of employees exceeds their demand?

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