ACC 309 Final Project Student Workbook

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On January 1, 2021, Robertson Construction leased several items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual interest rate of 4%. The contract calls for four rent payments of $47,000 each, payable semiannually on June 30 and December 31 each year. The equipment was acquired by Jamison. Leasing at a cost of $367,000 and was expected to have a useful life of five years with no residual value. Both firms record. amortization and depreciation semi-annually. Required: Prepare the appropriate journal entries for the lessor (Jamison Leasing) from the beginning of the lease through the end of 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Listed below are 15 terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term. TERM 1. Interest expense 2. Disclosure only 3. Lessor's gross investment 4. Lessee's lease payments 5. Lessor's net investment 6. Initial direct costs 7. Operating lease 8. Bargain purchase option 9. Depreciable assets 10. Loss to lessee PHRASE Periodic rent payments plus excess guaranteed residual value. Deducted in lessor's computation of lease payments. Leasehold improvements. Cash paid to satisfy residual value guarantee. Sales-type lease selling expense. Depreciation longer than lease term. Sale-leaseback as operating lease. PV of lease payments plus PV of residual value. Future lease payments in each of the next five years. Periodic rent payments plus residual value. Lease payments plus guaranteed residual value. 11. Finance lease expense 12. PV of bargain purchase option price 13. Title transfers to lessee Nonlease payments. 14. Loan…

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Assume that on December 31, 2019, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to this lease agreement. 1. The agreement requires equal rental payments of $66,299 beginning on December 31, 2019. 2. The fair value of the building on December 31, 2019 is $486,019. The building has an estimated economic life of 12 years, a guaranteed residual value of $12,000, and an expected residual value of $9,800. Kimberly-Clark depreciates similar buildings on the straight-line method. 3. 4. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. 5. Kimberly-Clark's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

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Required: 1-a. Determine Douglas-Roberts's pension expense for 2021 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 1 Record annual pension expense Note: Exer debts before credits 4 5 Genet Jumal Det Credit View general journal

When a lessee makes periodic cash payments for a finance lease, which of the following accounts is increased? A.Lease Liability B.Lease Rental Expense C.Right-of-Use Asset D.Interest Expense

Assume that on December 31, 2019, Sage Hill Aerospace signs a 8-year, non-cancelable lease agreement to lease a hanger from Aero Field Management Company. The following information pertains to this lease agreement: The agreement requires equal rental payments of $161,234 beginning on December 31, 2019. The fair value of the building on December 31, 2019 is $1,092,423. The building has an estimated economic life of 10 years, a guaranteed residual value of $49,600, and an expected residual value of $34,500. Sage Hill depreciates similar buildings on the straight-line method. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. 5. Sage Hill's incremental borrowing rate is 6% per year. The lessor's implicit rate is not known by Sage Hill. 1. 2. 3. 4. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.)

t24 In a lease that is recorded as a manufacturer’s or dealer’s lease by the lessor, interest revenue should beA. recognized in full as revenue at the lease’s inception.B. recognized over the period of the lease using the straight-line method C. recognized over the period of the lease using the interest method.D. not be recognized in the accounts.

Please answer in good accounting form Thankyou 1. How much is to be reported in the statement of financial position as lease liability for the year ended December 31, 2021? 2. 2. What is the interest expense for the calendar year 2022? (round off answer to the nearest WHOLE NUMBER) 3. How much depreciation expense is to be recorded for the year ended 2021? (present answer with 2 DECIMAL PLACES)

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Under ASC Topic 840 and IFRS 16, FASB and IASB revised lease accounting rules to address off-balance sheet financing. True or False

*attached is the problem REQUIRED: choose the letter What is the lease liability on Dec. 31, 2020?  a. 1,352,000b. 1,152,000c. 1,067,200d. 1,552,000 What is the lease liability to be reported as non-current on Dec 31, 2020? a. 1,215,920b. 1,090,240c. 1,067,200d. 973,920

Part 1: New Lease Accounting – using IFRS 16 Leases Effect Analysis.  Which payments are to be included in the measurement of lease assets and lease liabilities? Also, discuss the pros and cons of excluding the following payments from the measurement. - Variable lease payments linked to future use or sales - Optional payments relating to lease-extension option when a lessee is not reasonably certain to exercise the option.

Need help to do these questions and do the amortization schedule and record the journal entries.

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An amount paid by the lessee to the lessor in addition to the periodic rental which is treated by the lessor as an unearned rent income to be amortized over the lease term.    a. Contingent rent b. Lease bonus c. Initial direct cost d. Security deposit

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Which of the following items is most likely a short-term liability?a. Deferred income taxesb. Finance lease covering 30-year termc. Bonds payabled. Accounts payable

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When a lessor receives cash on an operating lease, which of the following accounts is increased? A. Lease Payable B. Interest Revenue: Leases C. Lease Receivable D. Rent Revenue