On September 1, 2024, a company decides to lease office space in a building. The building's owner offers the company the following options, with the first monthly payment beginning September 30, 2024: 1. Sign a two-year lease with monthly payments of $4,500. 2. Sign a three-year lease with monthly payments of $4,250. 3. Sign a four-year lease with monthly payments of $4,000. Required: 1. For each option, calculate the present value of the lease payments using an interest rate of 6%. (Hint: Use a financial calculator or Excel.) 2. Record each lease on September 1, 2024. 3. For which option is the lease payable recorded for the highest amount?

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Contract Costing

Contract costing is about tracing particular costs related to a particular contract entered into with the customer. It is one of the forms of job order costing. It is useful in long-term contracts at the most. It is seen that substantial time is required for the completion of the contract which takes different accounting periods. Thus, it is very much helpful for recognizing the costs associated with it and accounting in their specific accounting periods.