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Crane Corporation manufactures specialty equipment with an estimated economic life of 12 years and leases it to Pina Colada Airlines Corp. for a period of 10 years. Both Crane and Pina Colada Airlines follow ASPE. The equipment's normal selling price is $202,070 and its unguaranteed residual value at the end of the lease term is estimated to be $15,200. Pina Colada Airlines will make annual payments of $24,900 at the beginning of each year and pay for all maintenance and insurance. Crane incurred costs of $105,200 in manufacturing the equipment and $7,080 in negotiating and closing the lease. Crane has determined that the collectibility of the lease payments is reasonably predictable, that no additional costs will be incurred, and that the implicit interest rate is 9%.
Problem 1: Write down 10-year lease amortization schedule for the lease obligation using Excel
How are present values affected by changes in interest rates? One would need to know the future value in order to determine the impact.
Amount recovered to $1,800 in the subsequent year. Allocate the impairment reversal to individual assets and calculate the net book value of each asset
Monte Carlo Club is an international sports and leisure club. Discuss the recognition of the incentive payment with reference to the conceptual framework.
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Lorance Corporation issued $800,000, 9%, 10-year bonds on January 1, 2015, for $750,150. This price resulted in an effective-interest rate of 10% on the bonds.
For the current year, Maple Corporation, a C corporation, reports taxable income of $265,000 before paying salary to its sole shareholder, Diane. Diane’s marginal tax rate on ordinary income is 35 percent and 15 percent on dividend income.
Comment on the company's performance under these measurements. Sufficiently explain why the return on assets and return on equity are so different.
Distinguish between personal and professional judgment. Logically present arguments to justify the use of professional judgment in resolving accounting ethics dilemmas.
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Make Reconcile Diana Wonder's month end cash balance as of 31 Jul 2020. Diana received a cash payment that she has not deposited $ 380
Computation of contribution margin Ratio, BEP, and margin of Safety and Find Aunt Pitty's breakeven level of sales revenues and determine auto Pitty's Margin of Safety in the most recent year?
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