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Problem 1: Hay Company leased equipment on January 1, 2020. Annual rental to be paid at the end of each year is P160,000 for five years. The implicit rate for this lease is 6%. The present value of an ordinary annuity of 1 at 6% for 5 periods is 4.2124. On January 1, 2022, Hay Company and the lessor agreed to amend the original terms of the lease by reducing the annual lease payment by P32,000 and increasing the implicit rate to 8%. The present value of an ordinary annuity of 1 at 8% for 3 periods is 2.5771. What is the amount of lease liability on January 1, 2020?
Job no. 3088 was completed in January 20x4; there was no work in process at year-end. Prepare the journal entry needed to record the year's completed production
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The following information is available from Gray Co.'s accounting records for the year ended December 31, 2010 (amounts in million):
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