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Assume the following facts concerning a sales-type lease:
Required :
a. Prepare the accounting entries for both lessor and lessee for the three years. What happens in Year 3 if residual value is only $8,000?
b. Assume the same facts as before except that the asset is first sold to a finance company, which then leases the asset to the lessee. Prepare the required entries in all three years for lessor and lessee.
c. Evaluate the differences between requirements (a) and (b) as well as the differences between lessor and lessee.
A new technique for estimating the probability of achieving target sales and profits will be discussed. This requires managers to estimate demand for the new product and assign probabilities. A range, rather than only one goal will be established.
Property is to be leased for 15 years at an annual rental payment of $40,000 payable at the beginning of each year. The capitalization rate is 10 percent. What is the capitalized value of the lease?
Classic Corporation borrowed $90,000 from the bank on November 1, 2011. The note had an 8 percent annual rate of interest and matured on April 30, 2012. Interest and principal were paid in cash on the maturity date.
Diane purchased a factory building on November 15, 1993, for $5,000,000. She sells the factory building on February 2, 2012. What is the cost recovery deduction for the year of the sale?
Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31. (Enter your answer in millions. Omit the "tiny_mce_markerquot; sign in your response.)
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Determine net income assuming 1000 haircuts are given each month.
Determine the break-even point for each alternative.
problem 1. aunt ethels fancy cookie company manufactures and sells three flavors of cookies macaroon sugar and
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