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Question - In early 2019 Woodstock Ltd., a public company, entered into a finance lease that required Woodstock to make $100,000 beginning-of-year payments for six years. The interest rate implicit in the lease was 7%; Woodstock's IBR was 6%. For accounting purposes, Woodstock calculated the present value of the lease at 6%, obtaining a value of $521,236. This amount was used in 2019 and 2020 to account for the lease liability and for straight-line depreciation of the asset under lease. In 2019, the chief accountant discovered that the company should have used the lessor's rate implicit in the lease, as required by IFRS.
Required - Prepare journal entries necessary to retrospectively correct the errors. Assume a 20% income tax 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?
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