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Problem - On 1 January 2019, Lessor Ltd leased a truck with an estimated economic life of five years to Cubic-Haul Ltd for a period of five years. Cubic-Haul Ltd agreed to pay annual rentals of $12 000 commencing with the first payment on 1 January 2019. The unguaranteed full residual value of the truck at the end of the lease is $4 000. The interest rate implicit in the lease is 8%. Prepare the general journal entries over the life of the lease in the accounts of Cubic-Haul Ltd.
What is the amount that will appear under the non current liabilities in respect of this lease in the statement of financial position as at 31 December 2019
Tsunami Sushi purchases $130,000 of 5-year, 6% bonds from Deep Sea Explorers, on January 1. Management intends to hold the debt securities to maturity. For bonds of similar risk and maturity, the market rate is 7%. Record the necessary entries regar..
In November 2015, Kendall purchases a computer for $4,000. She does not use Sec. 179 expensing. She only uses the most accelerated depreciation method possible. The computer is the only personal property which she places in service during the year. W..
What an entity is able to record a provision for termination benefits when it? has decided to undertake a termination program./has developed a formal plan
Metlock Inc. has completed the purchase of new Dell computers. What is the interest rate, to the nearest percent, used in discounting this purchase transaction?
Grover Corp. had 200,000 shares outstanding on January 1. On October 1, it issued 160,000 shares. Grover net income was $400,000. EPS equals
The historical return on equity (ROE) of 12 per cent is expected to continue in the future. What is the required rate of return on the equity
Compute depreciation expense on the machine for the year ending December 31, 2020, and the year ending December 31, 2021, using the following methods
q1 myrnas landscaping is a private company owned and operated by myrna. it cuts lawns and weeds gardens. myrna has
question under pressure to stability their budgets governments at each level have resorted to fiscal gimmicks such as
Gibbs Corporation owned 20,000 shares of Oliver Corporation’s $5 par value common stock. These shares were purchased in 2011 for $180,000. On September 15, 2015, Gibbs declared a property dividend of one share of Oliver for every ten shares of Gibbs ..
Boscan Corporation purchased machinery on January 1, 2014, at a cost of $345,000. The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of $28,900. The company is considering different deprec..
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