on January 18th 2021 Maureen purchased a put option for $600 the option expired on August the 2nd 20 21 how's your marine report this transaction on a 2021 r
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on January 18th 2021 Maureen purchased a put option for $600 the option expired on August the 2nd 20 21 how's your marine report this transaction on a 2021 return
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- Calculations A. From the following information prepare the sale and leaseback agreement for Steven and CO. On January 1, 2017 Browns and Co. sells an item of machinery to Printers and More for its fair value 600,000. It had a carrying amount of $400000. Browns and Co enters into a contract with Printers and More for the right to use the asset for the next 5 years, annual payments of 1,000,000 are due at the end of each year and the interest implicit in the lease is 10%On January 1, 2020, Monty Animation sold a truck to Peete Finance for $38,000 and immediately leased it back. The truck was carried on Monty's books at $30,000. The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Monty at lease-end. The lease requires three equal rental payments of $11,000 at the end of each year (first payment on January 1, 2021). The appropriate rate of interest is 7%, the truck has a useful life of 5 years, and the residual value at the end of the lease term is expected to be $14,000, none of which is guaranteed. Prepare Monty's 2020 journal entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places, e.g. 5,265. Record journal entries in the order presented in the problem.) Click here to view factor tables. Date Account Titles and…late Financial Accounting i(1) veeks 25/4-6/5 final exam' Sur Food Corp., leased machine from Al-Urami Corp. the lease agreement for the O.R 750,000 (fair and present value of the lease payment) machine specified five equal payments at the end of each year. The implicit interest rate was 9% Required: 1 Prepare the journal entry for Al-Urami Corp at the inception of the lease on January 1, 2019. 2. Prepare an amortization schedule for the three-year term of the lease Note: Present value of an ordinary annuity of $1:n=5,i39% is 3.88965 T A- B I U S X !!
- Linda Leasing Company signs an agreement on January 1, 2025, to lease equipment to Swifty Company. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal option. The equipment has an estimated economic life of 5 years. 2. 3. The fair value of the asset at January 1, 2025, is $72,000. The asset will revert to the lessor at the end of the lease term, at which time the asset is expected to have a residual value of $12,000, none of which is guaranteed. 4. The agreement requires equal annual rental payments of $21,250.90 to the lessor, beginning on January 1, 2025. 5. The lessee's incremental borrowing rate is 5%. The lessor's implicit rate is 4% and is unknown to the lessee. 6. Swifty uses the straight-line depreciation method for all equipment. Click here to view factor tables. Prepare all of the journal entries for the lessee for 2025 to record the lease agreement, the lease payments, and all expenses related to this lease.…2. On January 1, 2022, ABC Corporation entered into a 60-day put option contract for $30,000. Based on the PHP-USD rates below, what is the intrinsic value of the contract on Mar. 2, 2022? January 1, 2022 Spot Rate 30-day Forward Rate 60-day Forward Rate January 30, 2022 Spot Rate 30-day Forward Rate 60-day Forward Rate Mar. 2, 2022 Spot Rate 30-day Forward Rate 60-day Forward Rate Buying Rate 55.10 55.41 55.93 Buying Rate 55.38 55.71 56.04 Buying Rate 55.88 55.93 55.95 Selling Rate 55.67 55.43 55.96 Selling Rate 55.75 56.17 56.61 Selling Rate 55.73 55.79 55.82Alto Leases a car on 1st Jan 2020 for 2 years Option to extend 1 more year (reasonably certain to exercise) Useful life 10 years Lease payments $10,000/ year for 2 years Lease payment $15,000 for extension (1 year) Direct costs of $3,000 Interest rate is 5% All payments are due at the end of the year Determine initial carrying amount asset and liability
- When is a home considered under contract? When the buyer qualifies for a loan When the seller and buyer have signed the offer When the buyer signs the seller's offer When the 10-day option period is overS 11 Shellie has a mortgage of $56,500 at 5% for 25 years. The property taxes are $350 quarterly, and the hazard insurance premium is $239.50 semiannually. Find the monthly taxes and insurance payment. Select one: C a. $358.75 b. $290.79 c. $422.87 d. $156.58 B e Vai ara laanad in a ludis Edmonds laa autNeedham Industries leased manufacturing equipment from Burlington Leasing on January 1, 2021 Needham has the option to renew the lease at the end of two years for an additional three years, Needham is subject to a $135.000 penalty after two years if it fails to renew the lease. Burlington Leasing purchased the equipment from Springfield Machines at a cost of $250.177 (EV of $1. PV of S1. EVA Qf S1. PVA of $1. EVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Related Infornation 3 years (12 quarterly periods) Lease term Lease renewal option for an additional 2 years Quarterly lease payments $45,000 at Jan. 1, 2021 and at Mar 11, June 30, Sept. 30 and Dec. 31 thereafter. 5 years Economie 1ife of asset Interest rate charged by the 1lessor Required: Prepare appropriate journal entries for Needham Industries from the beginning of the lease through March 31 2021 Appropriate adjusting entries are made quarterly (If no entry is required for a transaction/event,…
- On December 1, 2020, Carlos entered into a lease on a building for use in his business for $1,500 per month. Under the lease terms, Carlos pays 12 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2020? a. $18,000 b. $1,000 c. $13,000 d. $12,000On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,500 per month. Under the lease terms, Carlos pays 12 months' rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2021? a.$13,000 b.$18,000 c.$1,000 d.$12,000In Intermediate Accounting by Whalen on Cengage, chapter 20, homework question 4, how do you calculate the selling price? Sale type lease for 8 years. Lease pmt due at the end of the year $32,000/yr. 14% interest. Cost of the equipment is $110,000 and estimate fair value at the end of the lease is $20,000.
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