None Current Attempt in Progress Crane Corporation, whichuses ASPE, enters into a 6-year lease of equipment onSeptember 1, 2023, that requires 6 annual payments of$39,000 each, beginning September 1, 2023. Inaddition, Crane guarantees the lessor a residual value of$29,000 at lease end. The equipment has a useful life ofseven years. Click here to view the factor table PRESENTVALUE OF 1. Click here to view the factor tablePRESENT VALUE OF AN ANNUITY DUE OF 1. (a) Using(1) tables, (2) a financial calculator, or (3) Excelfunctions, calculate the amount of the capital lease andprepare Crane's September 1, 2023 journal entryassuming an interest rate of 8%.Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease and prepare Crane'sSeptember 1, 2020 journal entry assuming an interest rate of 11%. (Credit account titles are automatically indented whenthe amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles andenter 0 for the amounts. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places,e.g. 5,275.)Account Titles and ExplanationEquipment under LeaseObligations under LeaseCash(To record inception of leaseand first lease payment.)DebitCredit19.000

Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease and prepare Crane's September 1, 2020 journal entry assuming an interest rate of 11%. (Credit account titles are automatically indented when the 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. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Equipment under Lease Obligations under Lease Cash (To record inception of lease and first lease payment.) Debit Credit 19.000

Using (1) tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the capital lease and prepare Crane's September 1, 2020 journal entry assuming an interest rate of 11%. (Credit account titles are automatically indented when the 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. Round factor values to 5 decimal places, e.g. 1.25124 and final answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Equipment under Lease Obligations under Lease Cash (To record inception of lease and first lease payment.) Debit Credit 19.000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Define divestiture
remain dwlse
duct
What is loss aversion?
did not fully awnser question
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
which asset never depericate in value
is thsi correct?
This answer is incorrect. What's the correct one?
b. 15800 is not correct - what is the correct answer?