Reference no: EM133092567
Question 1 - On January 1, 2021, REINDEER signed a long-term lease for an office building. The term of the lease required Gee to pay 9100,000 annually, beginning December 31, 2021 and continuing for 30 years. On January 1, 2021, the present value of the lease payments is 91,125,000 at 8% interest rate implicit in the lease. Initial direct costs amount to 950,000.
1. What is the carrying amount of the lease liability on December 31, 2021?
2. What is the carrying value of the right of use asset on December 31, 2021?
Question 2 - The balance in the retained earnings at December 31, 2020 and 2021 respectively are 720,000 and 582,000. The net income for 2021 was 500,000. A share dividend was declared and distributed which increased ordinary share capital by 200,000 and share premium by 110,000. A cash dividend was declared and paid. What is the amount of cash dividends declared and paid?
Question 3 - GINGERBREAD Company is involved in a litigation regarding a faulty product sold in a prior year. The entity has consulted with lawyer and determined that there is a 50% chance of losing. The lawyer estimated that the amount of any payment would be between 500,000 to 800,000 with 500,000 as the best estimate. What is the required journal entry as a result of this litigation?
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