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Problem - Gage Co. purchases land and constructs a service station and car wash for a total of $540,000. At January 2, 2018, when construction is completed, the facility and land on which it was constructed are sold to a major oil company for $600,000 and immediately leased from the oil company by Gage. Fair value of the land at time of the sale was $60,000. The lease is a 10-year, noncancelable lease. Gage uses straight-line depreciation for its other various business holdings. The economic life of the facility is 15 years with zero salvage value. Title to the facility and land will pass to Gage at termination of the lease. A partial amortization schedule for this lease is as follows: What is the discount rate implicit in the amortization schedule presented above?
The implied interest is approximately 12%. Prepare Teal Mountain's journal entries for the initial transaction and the collection of $12,500 at maturity
Floor space occupied: Women's Shoes 8,625 sq. ft. Compute the amount allocated to the women's shoes, men's shoes and children's shoes department
Analyze transactions (a)-(e) to determine their effects on the accounting equation. Use a spreadsheet format with a column for each account, enter the July 1 amounts in the first line under the account headings, and calculate ending balances as shown..
For the fiscal year, sales were $8,300,000, sales discounts were $100,000, What was the amount of gross profit
Prepare notional journal entries (with narrations) to consolidate the financial statements of Mega Store Limited
The standard error of the estimate (standard error) is the estimated standard deviation of the distribution of the independent variable (X). FALSE it is the estimate of the standard deviation of the error term
the optimal distribution policy strikes that balance between current dividends and capital gains that maximizes the
How is the statement of members’ equity similar to the statement of partners’ equity?
Admore is the leading producer of presentation folders. last year, the company produced 50,000 units. This year the company anticipates producing.
Do you concur with the new accountant's recommendation? Present a schedule to support your answer.
Indicate any amounts that Rantzow-Lear Company would report in its 2011 balance sheet and income statement as a result of this investment.
Refer to the bond details in Problem, except assume that the bonds are issued at a price of $2,096,466.
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