Reference no: EM132955402
Questions -
(1) On May 5th, 2020, Fox Co. sold equipment for $350,000 when book value was $410,000. This equipment was purchased several years ago for $790,000. What are the financial statement effects of Fox's entry for the sale?
A- A: D L: NE SE: D NI: D CFs: I
B- A: D L: NE SE: D NI: I CFs: I
C- A: I L: NE SE: D NI: D CFs: I
D- A: D L: NE SE: D NI: D CFs: NE
(2) If Owl Co. leases cars from Fox Co. and none of Group I criteria is met but 2 of Group II criteria is met, what is the lease classification for Owl and Fox, respectively?
A. Operating & Operating
B. Finance & Sale-Type
C. Operating & Direct Financing
D. Finance & Operating
E. Operating & Sales-Type
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