Assuming that this is classified as an operating lease, create an amortization table for the right-of-use asset.Amortization of Right-of-Use AssetLeaseExpenseAmortization of Right-Interestof-UseAsset12/31/201912/31/2020N12/31/20212312/31/202212/31/2023TotalAnswer:Amortization of Right-of-Use AssetLeaseExpenseAmortization of Right-Interestof-UseAsset12/31/2019 12,4002,37110,02912/31/2020 12,4001,83710,56312/31/202112,4001,26611,13412/31/202212,40065411,74612/31/202312,400012,400Total62,0006,12855,872Diff: 2 Var: 1Objective: 18.4IFRS/GAAP: GAAPAACSB: Application of knowledge22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease.Answer:

Lease:A lease is a type of contract in which one person gives the right to another person in order…

Amortization of Right-of-Use Asset Amortizatio Lease Expense n of Right- Interest of-Use Asset 12/31/2019 12,400 2,371 10,029 12/31/2020 12,400 1,837 10,563 12/31/2021 12,400 1,266 11,134 12/31/2022 12,400 654 11,746 12/31/2023 12,400 이 12,400 Total 62,000 6,128 55,872 Diff: 2 Var: 1 Objective: 18.4 IFRS/GAAP: GAAP AACSB: Application of knowledge 22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease. Answer:

Amortization of Right-of-Use Asset Amortizatio Lease Expense n of Right- Interest of-Use Asset 12/31/2019 12,400 2,371 10,029 12/31/2020 12,400 1,837 10,563 12/31/2021 12,400 1,266 11,134 12/31/2022 12,400 654 11,746 12/31/2023 12,400 이 12,400 Total 62,000 6,128 55,872 Diff: 2 Var: 1 Objective: 18.4 IFRS/GAAP: GAAP AACSB: Application of knowledge 22) Prepare the journal entry required on December 31, 2019. Assume this is an operating lease. Answer:

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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DD&A for 2021. 12/31/18 $ 30,000 6,000 350,000 60,000 250,000 12/31/19 $30,000 19. Proved property cost Accumulated DD&A-proved property. Wells and equipment-IDC.. Accumulated DD&A-L&WE-IDC . Wells and equipment-L&WE.. Accumulated DD&A-wells and equipment-L&WE.. 55.000 450,000 325,000 2018 800,000 Mcf 900,000 Mci 500,000 Mcf 700,000 Mci 40,000 Mcf 60,000 Mcf 2019 Proved reserves, 12/31.. Proved developed reserves, 12/31 . Production during 2018 and 2019.. REQUIRED: Compute DD&A for the year ended 12/31/19.
Sh18
If an entity as lessee presents as investment property a property interest held under an operating lease then the entity 1has the option of measuring some items of investment property using the cost model. 2shall measure in the financial statement all of its investment property using the fair value models 3shall measure that leased property interest under the fair value model and the remaining investment property using the cost model. 4shall measure that leased property interest under the cost model and the remaining investment property either using the cost model or the fair value model.
Please answer number 17 only.
None
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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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