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On January 1, 20X1 Black Corp. enters into a lease contract. The lease arrangement is for 5 years, has a bargain purchase option, but no residual value guarantee. The expected useful life of the asset is 6 years and it has a salvage value of $10,000. The initial value of the lease asset (and liability) is $610,000. Lease payments are end-of-year payments of $117,239. Black's incremental borrowing rate is 5% and the implicit rate for this lease is unknown. Record the journal entries (accounts and amounts) for this lease arrangement related to the lease liability that would be made on December 31, 20X1.
Problem 1: Record the journal entry (accounts and amounts) related to the lease asset that would be made on December 31, 20X1. Hint: think depreciation expense.
Which accounting principle/concept allows accountants to ignore other accounting principle/concept if the amount in question is immaterial?
Wilson Company has 100,000 units of widgets in its inventory on October 1, 2008. Wilson purchased them for $1 per unit one month ago. It hedges the value of the widgets by entering into a forward contract to sell 100,000 widgets on January 31, 2009, ..
Suppose that 1 year later the going rate drops to 6%. What is the new price of the bonds, assuming that they now have 29 years to maturity
We make a credit sale with our customer using a bank credit card which allows for immediate payment to us. The sale was for $10,000 and carried a 2 percent fee. To record this sale we will:
generators inc. produced emergency backup generators for use in large commercial buildings. the costs of manufacturing
If your required return on this stock is 10.53 percent, what is the most you would be willing to pay for Alfa Growth, Inc. common stock now
MyBaby Fashions creates and sells infants products. One of its lines, the infants formal. Analysis showing whether infants' formal wear should be eliminated.
Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the engagement, up to six months after services commence. Alsup recognizes service revenue for financial reporting purposes when the services are performe..
The corporation realized an income after tax of P830,000 and paid cash dividend of P200,000. What is the total shareholders' equity of Company on Dec. 31, 2020?
Depreciation method from one year to the next. We also are not required to explain our choices." Is the owner correct in his reasoning? Explain.
the objective of this case is to estimate the cost of capital the occ that ameritrade should use in evaluating
Record the payment of the contract payable and vouchers payable. The City of Waterman established a capital projects fund for the construction
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