Assume that IBM leased equipment that was carried at a cost of $182,000 to Sunland Company. The term of the lease is 6 years beginning December 31, 2024, with equal rental payments of $30,100 beginning December 31, 2024. The fair value of the equipment at commencement of the lease is $147,178. The equipment has a useful life of 6 years with no salvage value. The lease has an implicit interest rate of 9%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Prepare IBM's December 31, 2024, journal entries at commencement of the lease. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places eg. 5,275.)

Q: Among the following options, which cognitive process consider ethical rules, principles, or…

A: Hi student Since there are multiple questions, we will answer only first question. If you want…

Q: who is the undertaker

A: Financial transactions involve the parties and intermediaries to carry out transactions. Such as…

Q: What are the important guidelines for Selecting a MARR?

A: It places a base gainfulness prerequisite on the discount rate, or MARR, which a venture or…

Q: All the below are important values in the western society except. a. Expressiveness b. Timeliness…

A: Western Society values

Q: Question: Are count standards and ethical standards the same? TRUE OR FALSE

A: Ethical standards are a set of principles developed by the organization's founding members  to…

Q: Give the meaning of Trust.

A: Beneficiary/ Fiduciary Trustee  A trust has a beneficiary and a trustee. The individual who is the…

Q: positions on the issue of privacy?

A: The philosopher Immanuel Kant held with dignity that all moral agents should respect their…

Q: To be eligible to be claimed as a qualifying child, is this a test the child must meet? Age Test Yes…

A: There are conditions which are required to be satisfied or fulfilled for a child to a taxpayer to be…

Q: n the question, it says he has three alternatives. What would the third alternative be?

A: In finance the chances of an event occurring can change the status quo and hence change the expected…

Q: What’s the process of blue cross blue shield?

A: Blue Cross Blue Shield (BCBS) is a federation of 35 United States companies. It provides health…

Q: Identify the policyholder who transfers the title of the policy.

A: Answer

Q: Discuss the scope and penalties of Sarbanes Oxley Act.

A: The Sarbanes Oxley Act or the SOX was brought to force as a response to the substantial increase in…

Q: Ms. Khulood considers many variables to take a decision. Which of the following decisions relates to…

A: Decision making requires analysis..

Q: __________ refers to the forces either internal or external to a person that arouse enthusiasm and…

A: Motivation:  t is a force that drives people to act towards their goals and duties. It can be…

Q: What is a primary outcome of developing a secure attachment? A. Independence B. Achievement C.…

A: Children who exhibit some distress when their caregiver leaves but can quickly gather themselves…

Q: Define the concepts and basic rulings of Mudaraba and Musharaka.

A: Mudaraba is a form of partnership in terms of profit in which one partner provides capital to the…

Q: When I give you a question you tell me you have an answer but the answer is not even my questions.…

A: In this scenario, Marika Katz had purchased compulsory insurance with limits of 10/20/5. The numbers…

Q: Why was the Sarbanes-Oxley Act developed and enacted?

A: Introduction:- The Sarbanes–Oxley Act of 2002 is a federal law in the United States that sets…

Q: Explain the difference between murabaha and mudharaba?

A: Both murabaha and mudharaba are instruments of Islamic finance. There exists some differences…

Q: Ahmed seeks help of his friend Mohammed whenever he wants to take an ethical decision. Which of the…

A: Ethical decision making is a process of taking decisions on the basis of selecting best ethical…

Q: Do ethical standards have anything to do with culture and diversity?

A: Ethical standard The founders of the organization created a set of ethical guidelines to explain the…

Q: What is a fortuitous event? Is there any difference between a fortuitous event and a force majeure?

A: In Chile, a chance occasion is an idea characterized by law in which mitigates the obligor from…

Q: Hoow do organizations create a culture of honesty, openness, and assistance?

A: Introduction: A group of people who work together to achieve a common goal is referred to as an…

Q: . _________ is the precursor of the inclusive schools movement a.…

A: Given: To find the correct option as,

Q: What is ROA and ROE? Briefly discuss which one is supposed to be higher?

A: The answer to the given question is provided below in the following step as below:

Q: o you understand by the term ias 38 and what are its criteria, advantages and disadvantage in real…

A: IAS 38 intangible assets outlines the accounting necessities for intangible assets, which are…

Q: wrong give me the right answer please

A: Present value factor is computed as follows:-Present value factor = wherer= required returnn= time…

Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.