Requlred Information[The following Information applies to the questions displayed below.]A company makes the payment of a one-year Insurance premlum of $4,248 on March 1, 2019.d. If the premlum had been $8,496 for a two-year perlod, how should the prepald amount at December 31, 2019, be reported on thebalance sheet?Non-current assetCurrent asset

The premium of $8,496 is paid on March 1, 2019 for two years, i.e. from March 1, 2019 to February…

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Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 4RE

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Required: How much is to be reported in the statement of financial position as lease liability for the year ended December 31, 2021?* What is the interest expense for the calendar year 2022? (round off answer to the nearest WHOLE NUMBER) How much depreciation expense is to be recorded for the year ended 2021? (present answer with 2 DECIMAL PLACES)
Ef 122.
1. Prepare a table of amortization of the lease liability and interest expense. 2. Prepare journal entries for 2021 and 2022. 3. Prepare journal entry on January 1, 2026 to record the return of the machinery to the lessor. Assume thefair value of the asset is P450,000.
Accounting The Lessor Company leases equipment to the Lessee Company on January 1, 2020. The lease is appropriately recorded as a purchase for accounting purposes for Lessee and as a sale for accounting purposes for Lessor. The lease is for a ten-year period. Equal annual payments under the lease are $30,000 and are due on January 1 of each year. The first payment is made on January 1, 2022. The cost of the equipment on Lessor's accounting records is $100,000. The equipment has an estimated useful life of ten years with no residual value expected. The of interest contemplated by Lessor and Lessee is 9 percent. Assume that the present value of the lease payments equals the market value of the equipment (selling price). Assume this is a sales- type lease. A.Prepare the entry or entries required for Lessor on January 1, 2022. A.Prepare the entry or entries required for Lessor on December 31, 2022. A.Prepare the entry or entries required for Lessor on January 1, 2023. A.Prepare the entry…
Prepare Journal entries with calculations part.
Accounting for Special Transactions On January 1, 2019, Castrano enters into a non-cancellable contract with Recio for the sale of an excavatorfor P700,000. The excavator will be delivered to Recio on April 1, 2019. The contract requires Recio to pay the P700,000 in advance on February 1, 2019 and Recio makes the payment on March 1, 2019. On January 1, 2019, the amount of accounts receivable to be recorded:a. None b. P350,000 c. P700,000 d. P1,400,0005. On January 1, 2019, the amount of revenues to be recorded:a. None b. P350,000 c. P700,000 d. P1,400,000
*see attached What amount of interest income should be recognized by Ripple for the year ended December 31, 2020? a. 244,080b. 200,000c. 204,492d. 240,000
WITH SOLUTION-COMPUTATION 63. On July 1, 2019, an entity leased an equipment to a lessee under a 3-year operating lease. Total rent for the lease term is P3,600,000, payable P50,000 monthly for the first lease year, P75,000 monthly for the second lease year and P175,000 monthly for the third lease year. All payments were made when due. On June 30, 2021, what amount should be reported as accrued rent receivable?a. 2,100,000b. 1,200,000c. 900,000d. 0
Under accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020? P585,000 P615,000 P625,000 P655,000
Compute for the amount presented as noncash Assets in the balance sheet on December 31, 2020 using the transactions below
On January 1 2020, Entity A purchased property insurance from a certain insurance company. The cost of insurance is P 120,000 and it covers the whole taxable year of 2020. If the reporting period the entity is Sep. 30, 2020, which of the following statement is correct under the circumstances? a.Entity A shall deduct from its gross income the amount of 90,000. b.Under Lifeblood Doctrine, prepaid expenses shall be deducted in whole at the end of the accounting period. c.Under Lifeblood Doctrine, prepaid expenses shall be deducted in whole upon payment thereof. d.Entity A shall deduct from its gross income the amount of P 120,000.

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