Prepare the appropriate journal entries for the lessor

Assignment Help Accounting Basics
Reference no: EM133164555

Question - On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 5%. The contract calls for four rent payments of $48,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $368,000 and was expected to have a useful life of five years with no residual value. Both firms record amortization and depreciation semi-annually.

Required - Prepare the appropriate journal entries for the lessor (Jamison Leasing) from the beginning of the lease through the end of 2021.

Reference no: EM133164555

Questions Cloud

Describe four ways performance management is valuable : Describe four ways performance management is valuable to a company's culture.
Determine the purchase price at the indicated time : Question - Determine the purchase price at the indicated time before maturity of the following bond redeemed at par shown in the table below
Make good web page : Conduct Internet research on the topic of webpage creation and easy design of a webpage for small businesses.
Support and sustaining a culture of innovative thinking : Support and Sustaining a Culture of Innovative Thinking and Practices - Determine how you will capture, communicate and share contributed ideas
Prepare the appropriate journal entries for the lessor : Prepare the appropriate journal entries for the lessor (Jamison Leasing) from the beginning of the lease through the end of 2021
What are some limitations of financial statements analysis : What are some limitations of financial statements analysis? Meaning, what are some things which make financial statement analysis less reliable
Developing and implementing innovative workplace culture : Developing and Implementing Innovative Workplace Culture - discuss the various types of resources needed to implement for any 3 of the innovative thinking
Principles of hazard and risk management : Describe each of the following principles of hazard and risk management in your own 50-100 words:
Journalize the first interest payment and the amortization : On the first day of the fiscal year, a company issues a $4,200,000, Journalize the first interest payment and the amortization

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.

  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!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd