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Problem - On January 1, 2021, an entity purchased a new machine for P6,000,000 for the purpose of leasing it. The machine had an estimated 10-year life. On April 1, 2021, the entity leased the machine to a lessee for three years at a monthly rental of P400,000. The lessee paid the rental for one year of P4,800,000 on April 1, 2021 and additionally paid P900,000 to the lessor as a lease bonus to obtain the three-year lease. On April 1, 2021, the entity paid P300,000 to a broker as a finder fee. What is the net rental income of the lessor for 2021?
Chuck in IT got a call from Phil in Marketing. "Chuck, I need you to do something for me. Query sales data for the first quarter and pull out all of the invoices that include the snow blower discount. I need a count and the total amount of the discou..
Allowance for doubtful accounts at December 31, 2009. What amount should Murphy record as "bad debt expense" for the year ended December 31, 2010?
Determine the amounts that Beckman should report in its year-end consolidated financial statements for noncontrolling interest in subsidiary income, noncontrolling interest, Calvin’s machine (net of accumulated depreciation), and the process trade se..
Jane asked the IT department to give her a price list for the new computer equipment. Additional IT personnel to support the increased workload created by the HR department- $200,000 annually. This amount includes fringe benefits and taxes. Prepare t..
Bellfont expects to produce 100,000 door stoppers. Assuming no structural changes, what is Bellfont's production cost per door stopper for September?
Discuss the pros and cons of these methods of financial statement analysis: ratio analysis, vertical analysis, and horizontal analysis
Prepare the necessary journal entries on the books of Gaming Inc. from the time of restructuring the debenture through maturity. Round to the nearest dollar.
Any breach of a loan covenant that existed at the balance sheet date that has not subsequently been cured should not be disclosed.
Corey is single and has a net and taxable income of $60,000. How much basic federal tax will he save if he claims his medical expenses of $3,000
A company bought $1,150,000 of equipment with an expected life of 28 years and no residual value. After 24 years the company sold the equipment for $128,500. If the company uses straight-line depreciation and the indirect method is used to determine ..
What is expected rate of return from the investment? "A" is considering buying a property that will provide a level perpetuity income stream of $14,000 per year
What amount of Net Income would Orion record for May? Collected $47,000 payment in advance for services to be performed. $25,000 of service
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