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- please help answerOn 1 January 2021 Linguine plc acquires a new machine under a leasing arrangement.The terms are:An Initial payment of £13,760, payable immediately on 1 January 2021 4 further annual payments of £20,000, starting 1 January 2022 The interest rate charged by the lessor is 8% The asset has a life of 5 years Calculate the following balances to present in Linguine's financial statements for theyear ended 31 December 2021(i) The carrying amount of the right of use asset(ii) Current lease liability(iii0 Non-current lease liabilityRedstock Plc had acquired a machine on 1 January 2019 at a cost of £100,000 with an estimated useful economic life of ten years. The fair value of the machine is £52,000 and the selling costs are £4,000. The expected future cash flows are £10,000 per annum for the next five years. The current cost of capital is 10%. An annuity factor for this rate over this period is 3.791. Required: Prepare extracts from the financial statement for the year-ended 31 December 2019. Show all your workings.
- Prepare all journal entries and adjusting journal entries necessary to record the information below for year 2022: On November 15, 2022, WTG purchased a patent for $49,500. It used an installment loan to purchase the patent. Payments are due on May 15 and November 15 of every year (so the first payment is due May 15 next year) for the next 5 years. The interest rate is 7%. See amortization table below: ■ Patent Loan Amortization Principal Interest Years Payments/year Payment Date 5/15/23 11/15/23 5/15/24 11/15/24 5/15/25 11/15/25 5/15/26 11/15/26 5/15/27 11/15/27 $49,500 7% 5 2 5,952 Interest Principal Payment Balance 49,500 5,952 45,281 5,952 40,913 5,952 36,393 5,952 5,952 5,952 5,952 5,952 5,952 5,952 1,733 4,219 1,585 4,367 4,520 4,678 4,842 941 5,011 765 5,187 584 5,368 396 5,556 201 5,751 1,432 1,274 1,110 31,715 26,873 21,862 16,675 11,307 5,751 0B KANE Current Attempt in Progress Cheyenne Industries has the following patents on its December 31, 2024, balance sheet. Patent Item i Initial Cost Patent A Patent B Patent C 22 $44,268 $17,040 $22.560 Year 2026 2027 Date Acquired The following events occurred during the year ended December 31, 2025. Expected Future Cash Flows 3/1/21 7/1/22 9/1/23 1 Research and development costs of $247,000 were incurred during the year Patent D was purchased on July 1 for $37,848. This patent has a useful life of 9 years. As a result of reduced demands for certain products protected by Patent B, a possible impairment of Patent B's value may have occurred at December 31, 2025. The controller for Cheyenne estimates the expected future cash flows from Patent B will be as follows $2,200 2/200 Useful Life at Date Acquired 17 years 10 years 4 yearsUse the Present Value tables found in Appendix E, of your textbook, to answer the following questions. Round each portion of your answer to the nearest dollar. On January 1, 2021, Advance Auto purchased a machine and made a cash down payment of $2,400. The seller agreed to allow Advance Auto to pay for the balance of the machine over a 3-year period at 10% interest and with equal payments of $10,133 due at the end of 2021, 2022, and 2023. What amount should Advance Auto record the asset account, Machine, for on the day the contract was initiated? (Round to the nearest dollar.) Select one: O O O a. $30,399 b. $27,599 c. $28,800 d. $26,400 e. $25,199 x
- please help with both 4 and 5A sum of money was invested on December 12, 2021 at 3.7% simple interest p.a. When the money was withdrawn on July 8, 2022, it had matured to $6879.61. How much money was originally invested? d Moving to another question will save this response. Question 4 of 15Your Company borrowed $50,000 on October 1, 2022. The loan was for 12-months and the interest rate was 6%. Both interest and principal are payable at maturity. How is repaying the $50,000 in 2023 best classified? Asset exchange O Asset source O Claims exchange O Asset use