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Question - On 1 July 2019, Stepney Ltd (lessee) contracts to lease a building from Thebarton Ltd (lessor) for 10 years at an annual rental of $100,000, with the first payment payable immediately and subsequent annual payments due on 1 July. The building is expected to have a residual value of $50,000 at the end of the lease term and Stepney Ltd guarantees a residual value of $30,000. The rate of interest implicit in the lease is 6% and the end of the reporting period is 30 June.
Required - Prepare the journal entries for Stepney Ltd (lessee) on 1 July 2019 and 30 June 2020. Show all calculations (Lease liability, Right-of-use Asset, Interest Expense and Depreciation Expense).
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eagle company is considering the purchase of an asset for 100000. it is expected to produce the following net cash
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The XYZ Corporation is planning to purchase an extruder. The purchase price of the extruder is $350,000. XYZ plans to make a down payment of 25%.
Prepare Windsor' journal entries to record (a) the purchase of the investment, (b) the dividends received, and (c) the fair value adjustment
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