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Problem - On January 1, 2021 Blue Company sold equipment with an estimated remaining useful life of 12 years to Red Company. At the same time, Blue leased back the equipment for 5 years. The equipment will revert to Red at the end of the lease term, however the residual value is unguaranteed and was not estimated. The equipment that had a carrying amount of 12,000,000 was sold at only 15,000,000 although its fair value was 16,000,000. Lease payments to be made by blue in advance starting January 1, 2021 is 2,000,000 per year. The implicit rate is 12% with a PV of an ordinary and annuity due of 3.60 and 4.04, respectively. What is the cost of the right of use asset?
Explain why the overhead cost related to website optimization was first divided into two categories (unframed prints and framed prints) and then allocated based on number of prints.
Chuck Brown will receive from his investment cash flows of $3,135, $3,500, what is the future value of his investment cash flows at the end of three years?
Shortly thereafter, Brenda sells 10 shares to Aquarius for $200.00 in an exchange that had been agreed to in the preceding year. What result to both Ann and Brenda? What if Brenda sold 11 shares versus 10 shares?
The partners have decided to liquidate the partnership. If the other assets are sold P385,000, what amount of the available cash should be distributed to BBB
What is the amortization amount for every intangible asset in the existing year?
Calculate the automobile benefit that Mr. Comptois has to include in his 2020 employment income. Show calculations leading to your answer.
Can KC Inc. provide a negative reference on Susan Brown? Is it legal for employers to provide a negative reference for a former employee?
Guildwood Corporation, Prepare the journal entries to record the declaration of the cash dividend, and the subsequent payment of the cash dividend
Prepare a contribution margin income statement showing predicted net income (loss) if Rudy Co. sells 100,000 units for the year ended December 31
Consider the following products: (a) a power screwdriver for use in the home; (b) a desktop inkjet printer; (c) an electric car. Using Web based resources, make your estimate of the following factors needed for the development project to launch each ..
Discuss whether Fleet Limousine appears to have matched the timing of inflows and outflows of cash. Prepare a statement of cash flows for 2009. Assume Fleet Limousine uses the indirect method.
Which of the following accounts are temporary accounts? After posting the closing entries, which of the following accounts is most likely not to have a zero balance?
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