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On December 31, 2011, Lang Corporation leased a ship from Fort Company for an eight-year period expiring December 30, 2019. Equal annual payments of $200,000 are due on December 31 of each year, beginning with December 31, 2011. The lease is properly classified as a capital lease on Lang 's books. The present value at December 31, 2011 of the eight lease payments over the lease term discounted at 10% is $1,173,685. Assuming all payments are made on time, the amount that should be reported by Lang Corporation as the total obligation under capital leases on its December 31, 2012 balance sheet is
$1,000,159.
$1,200,000.
$871,054.
$1,091,054.
Prepare the journal entry to record the sale of the bonds on January 1, 2008, and the proper balance sheet presentation on this date. Prepare the journal entry to record interest expense on December 31, 2008, and the proper balance sheet presentat..
Ben's property, which has an adjusted basis of $45,000, is condemned by the state government. The authorities replace his property with other qualified property which cost them $120,000. What is Ben's recognized gain?
Discuss the steps involved in setting the preliminary judgment about materiality. Class, the concept of materiality is important in the context of auditing. Materiality is a function of the time, the situation, and the people involved.
Chipata incurred 26,200 machine-hours and $11,300 of manufacturing overhead. What was Chipata's underapplied or overapplied overhead for the year?
What are the differences between regular and irregular items on income statement? What are the requirements for items to qualify as irregular?
The February cash disbursements for manufacturing overhead on the manufacturing overhead budget should be:
The Nichols Company uses the weighted-average method in its process costing system. The company recorded 29,500 equivalent units for conversion costs for November in a particular department.
Bentz Corporation bought and sold several securities during 2006. Listed below is a summary of the transactions. Prepare the journal entries for the above transactions. Show calculations.
Explain why an auditor is likely to set both inherent and control risks at 100% for most segments. And explain the relationship of acceptable audit risk to planned detection risk and the effect of planned detection risk on evidence accumulation co..
Sullivan Co.'s accounts receivable show the following balances by age: Prepare the adjusting journal entry.
Prepare journal entries for the transactions listed above. Prepare an updated Dec 31st trial balance, reflecting the unrecorded transaction-Prepare a multiple-step income statement for the year ending Dec 31st. Prepare a retained earnings statement f..
What are the steps of the accounting cycle? Why is it necessary to make adjusting entries at the end of each accounting period? What would happen if all of the steps of the accounting cycle were not completed in a specific accounting period?
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