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Question - On January 1, 2017, Tejas Distributiors sold a warehouse to Jamble Leasing for $650,000 and immediately leased it back. The warehouse was carried on Tejas' books at $311,000. The term of the lease is 20 years, and title transfers to Tejas at lease-end. The lease requires 20 equal rental payments of $66,204 at the end of each year. The appropriate rate of interest is 8%, and the truck has a useful life of 20 years with no salvage value. Prepare Tejas's 2017 journal entries.
Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. What entry is required by the partnership
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Malaysia, a key petroleum and liquefied gas exporter, has seen uninterrupted export contractions in USD terms since October 2014, as prices for petroleum products and palm oils remain stuck at historical lows.
Cash dividends of $120,000, and reported net income of $320,000. Savannah Corporation should report revenue from investment for 2017 in the amount of
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How much is the liability as of December 31, 2021? A plate is offered to customers sending in two coupons accompanied by a remittance of P2.
Prepare adjusting journal entries for the year ended (date of) December 31, 2017, for each of these separate situations.
Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment
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