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Question - On January 1, 2020, a machine was purchased for $400,000 by Younger Leasing Co. The machine is expected to have a 10-year life with no salvage value. Similar machines are depreciated on a straight-line basis by Younger. The machine was leased to Juniper Inc. for 3 years on January 1, 2020, with annual rent payments of $69,560 due at the beginning of each year, starting January 1, 2020. The machine is expected to have a residual value at the end of the lease term of $260,000, though this amount is unguaranteed.
Assume an incremental borrowing rate of 8% and an implicit rate of 6%. The present value of a $1 for 3 periods at 6% is 0.83962 and at 8% is 0.79383. The present value of an annuity due for 3 periods at 6% is 2.83339 and at 8% is 2.78326.
Required - For the fiscal year 2020, is there a difference in the expense reported by Juniper if it follows US GAAP versus IFRS? If there is a difference, what is the main cause of that difference?
Prepare the journal entries on Pillow Corp's books that relate to the lease agreement for the following dates: July 1, 2012, December 31, 2012, July 1, 2013
Cash per the unadjusted trial balance is $12,675. Write the procedure documentation for the monthly bank reconciliation process in a professional manner
Which company is more profitable from the stockholders perspective?
Assuming the line intersects the y-axis at $50 and using the September activity levels calculate the equation of the line that would be drawn for a scattergraph
Compute the dividends paid per share during the third year for each of the three classes of stock. What was the average issue price of each type of preferred stock?
At a price of $48, the estimated monthly sales of a product are 18,000 units. Determine the units that must be sold to ear a before tax profit of $48,000
Using the high-low method, calculate Executive Training's total expected seminar costs for July. Do not use decimals in your answer
Under the decimal system of computing time worked at Carman's Company, production workers who are tardy are docked. Compute the total hours worked.
Mixture. A distribution with a "bathtub" hazard function is a mixture of two Weibull distributions with parameters α,, ßI,: and proportion
A total of 620,000 shares were issued to complete the merger. What is the earnings for diluted earnings per share
Mary is buying several items that cost $128.25 total. She is using a store coupon for 35% off her purchases. She has to pay 4% sales tax. Calculate the total cost of the items.
Show the entries to record the sale of the assets, collection of accounts receivable, the payment of the liabilities. Show the entry to allocate the loss
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