Can Please Help Me: Accounting / Intermediate Accounting 260 minutes only the given time. Wish you could help me.I will give UPVOTE and GOOD FEEDBACK. 19. Winn Co. manufactures equipment that is sold or leased. On Dec 31, 20x6, Winn leased equipment to Bart for a five year period ending Dec 31,2x11, at which date ownership of the leased asset will be transferred to Bart. Equal payment under the lease are P22,000 (including P2,000 paymentfor non-lease components of the contract) and are due on December 31 of each year. The first payment was made on Dec 31, 20x6. Collectability ofthe remaining lease payments is reasonably assured, and Winn has no material cost uncertainties. The normal sales price of the equipment isP77,000 and the cost is P60,000. For the year ended Dec 31, 20x6, what amount of income should Winn realize from the lease transaction?a.17,000b. 22,000c. 23,000d. 33,000

Given information, Normal sales price of the equipment =P77,000 Cost =P60,000 This is a capital…

19. Winn Co. manufactures equipment that is sold or leased. On Dec 31, 20x6, Winn leased equipment to Bart for a five year period ending Dec 31, 2x11, at which date ownership of the leased asset will be transferred to Bart. Equal payment under the lease are P22,000 (including P2,000 paymer for non-lease components of the contract) and are due on December 31 of each year. The first payment was made on Dec 31, 20x6. Collectability of the remaining lease payments is reasonably assured, and Winn has no material cost uncertainties. The normal sales price of the equipment is P77,000 and the cost is P60,000. For the year ended Dec 31, 20x6, what amount of income should Winn realize from the lease transaction? a.17,000 b. 22,000 c. 23,000 d. 33,000

19. Winn Co. manufactures equipment that is sold or leased. On Dec 31, 20x6, Winn leased equipment to Bart for a five year period ending Dec 31, 2x11, at which date ownership of the leased asset will be transferred to Bart. Equal payment under the lease are P22,000 (including P2,000 paymer for non-lease components of the contract) and are due on December 31 of each year. The first payment was made on Dec 31, 20x6. Collectability of the remaining lease payments is reasonably assured, and Winn has no material cost uncertainties. The normal sales price of the equipment is P77,000 and the cost is P60,000. For the year ended Dec 31, 20x6, what amount of income should Winn realize from the lease transaction? a.17,000 b. 22,000 c. 23,000 d. 33,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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