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Problem - Indiana Jones Corporation enters into a 6-year lease of equipment on December 31, 2016, which requires 6 annual payments of $40,000 each, beginning December 31, 2016. In addition, Indiana Jones guarantees the lessor a residual value of $20,000 at the end of the lease. However, Indiana Jones believes it is probable that the expected residual value at the end of the lease term will be $10,000. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility of lease payments is probable and the carrying amount of the equipment is $180,000.
Required - Prepare Lost Ark's 2016 and 2017 journal entries, assuming the implicit rate of the lease is 6% and this is known to Indiana Jones.
Newport Manufacturing makes and sells backyard fire pits. What is the minimum selling price Newport should negotiate for the special order
On each December 31, you plan to deposit $4,000 in a savings account. The account will earn 9 percent annual interest, What is the interest earned on deposits
Teal Mountain Company leases an automobile with a fair value of $20,014 from John Simon Motors, What is the nature of this lease to Teal Mountain
The average selling price for CTC's three products will be £5 per packet of tea. Write a control statement that compares actual performance
Start with the partial model in the file IFM9 Ch10 P16 Build a Model.xls from the ThomsonNOW Web site. The stock of Gao Computing sells for $50, and last year.
Assignment You are an Entrepreneur
Identify and apply theories and models in accounting to a current topical issue related to a corporation of your choice from a list of corporations provided
specific disclosures that the SEC requires, and predict a potential outcome to investors should companies fail
As of February 1, 2017, current assets were $132,200, and current liabilities were $49,600. Compute the current ratio as of the beginning of the month
national products corporation participates in a highly competitive industry. in order to meet this competition and
A certain product is being made by hand in a small factory. At what output did the factory achieve the lowest unit cost
boehm rest company has 30000 shares of its 1 par value common stock outstanding. record in journal form the following
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