A company buys an oil rig for $2,400,000 on January 1, 2018. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $609,000 (present value at 12% is $196,080). 12% is an appropriate interest rate for this company. What expense should be recorded for 2018 as a result of these events?

A company buys an oil rig for P1,200,000 on January 1, 2020. The life of the rig is 12 years and the expected cost to dismantle the rig at the end of 12 years is P300,000 (present value factor of 1, 12% for 12 years is 0.2567). 12% is an appropriate interest rate for this company. What is the total expense should be recorded for 2020 as a result of these events?

A company buys an oil rig for $2,700,000 on January 1, 2020. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is $575,000 (present value discounted at 10% (fair rate for this company) is $221,687). What is the total amount of expense that shoOuld be recorded in the financial statements for 2020 as a result of these events (hint: consider both depreciation of the oil rig and any interest on the asset retirement obligation). There is no estimated salvage value for the oil rig and the company uses straight-line depreciation. Round all intermediate calculations to whole dollars. O $346,266 O $314,338 O $292.169 O $22,169 O $327,500

A company buys an oil rig for P1,000,000 on January 1, 2020. The life of the rig is 10 years and the expected cost to dismantle the rig at the end of 10 years is P200,000 (present value at 10% is P77,110). 10% is an appropriate interest rate for this company. What is the amount of liability should be presented under the 2020 balance sheet as a result of these events?

How much is the annual amortization expense for 2022 on these financial accounting question?

On April 1, 2023 Blo Inc. receives a 6-year $60,000 note in exchange for a parcel of land.  The cost of the land was $35,000.  Neither the market rate nor the fair value of the land can be determined.  Notes of similar risk carry a 12% imputed rate of interest.  The financial year ends December 31. a.    The present value of the note is $________ b.     There was a (gain or loss) ___________on the sale of the land of $__________

On April 1, 2022 Blo Inc. receives a 6-year $60,000 note in exchange for a parcel of land.  The cost of the land was $35,000.  Neither the market rate nor the fair value of the land can be determined.  Notes of similar risk carry a 12% imputed rate of interest.  The financial year ends December 31. a.    The present value of the note is $Answer b.     There was a (gain or loss) Answer on the sale of the land of $Answer

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On June 30, 2024, the Stone Company purchased equipment from Paper Corporation. Stone agreed to pay $14,000 on the purchase date and the balance in five annual installments of $6,000 on each June 30 beginning June 30, 2025. Assuming that an interest rate of 11% properly reflects the time value of money in this situation, at what amount should Stone value the equipment? Stone needs to accumulate sufficient funds to pay a $440, 000 debt that comes due on December 31, 2029. The company will accumulate the funds by making five equal annual deposits to an account paying 6% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2024. On January 1, 2024, Stone leased an office building. Terms of the lease require Stone to make 20 annual lease payments of $124,000 beginning on January 1, 2024. An 11% interest rate is implicit in the lease agreement. At what amount should Stone record the lease liability on January 1, 2024, before any…