4. Winn Co. manufactures equipment that is sold or leased. On December 31, 20x6, Winn leased equipment to Bart for a five- wnership of the leased asset will be transferred to Bart. Equal navment for non-lease components of the contract) and are due on December 31 of each year. The first payment was made on December 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 December 31, 20x6, what amount of income should Winn realize from the lease transaction? a. 17,000 b. 22,000 с. 23,000 d. 33,000

4. Winn Co. manufactures equipment that is sold or leased. On December 31, 20x6, Winn leased equipment to Bart for a five- wnership of the leased asset will be transferred to Bart. Equal navment for non-lease components of the contract) and are due on December 31 of each year. The first payment was made on December 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 December 31, 20x6, what amount of income should Winn realize from the lease transaction? a. 17,000 b. 22,000 с. 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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