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A city government has a nine-year capital lease for property being used within the General Fund. The lease was signed on January 1, 2010. Minimum lease payments total $90,000 starting at the end of the first year but have a current present value of $69,000. Annual payments are $10,000, and the interest rate being applied is 10 percent. When the first payment is made on December 31, 2010, which of the following recordings is made?
Government-Wide Statements
Fund-Based Statements
a. Interest Expense $-0-
Interest Expense $-0-
b. Interest Expense $6,900
Expenditures $6,900
c. Expenditures $10,000
Expenditures $10,000
d. Interest Expense $6,900
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Determine the depreciation expense, accumulated depreciation and net book value of the machine for the years 2007, 2008, 2009 and 2010.
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LJB Company, a local distributor, has asked your accounting firm to evaluate their system of internal controls because they are planning to go public in the future.
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