Q3 Crane Corporation is a machinery dealer whose shares trades on the TSX, and so it uses IFRS 16. Crane leased a machine to Ernst Ltd.on January 1, 2020. The lease is for a six-year period and requires equal annual payments of $24,892 at the beginning of each year.The first payment is received on January 1, 2020. Crane had purchased the machine for its inventory during 2019 for $100,500.Collectibility of lease payments is reasonably predictable, and no important uncertainties exist about costs that have not yet beenincurred by Crane. Crane set the annual rental amount to ensure an 9% rate of return. The machine has an economic life of six years,with no residual value, and reverts to Crane at the termination of the lease.Click here to view the factor table PRESENT VALUE OF 1.Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE.Your answer is correct.Using time value of money tables, a financial calculator, or Excel functions, calculate the amount of each of the following: (Roundfactor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.)1.Gross investment$1493522.Unearned interest income$276403.Net investment in the lease121712

Lease refers to a contract between two parties under which one party who is the real owner of an…

Your answer is correct. Using time value of money tables, a financial calculator, or Excel functions, calculate the amount of each of the following: (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) 1. Gross investment $ 149352 2. Unearned interest income $ 27640 Net investment in the lease $ 121712 3.

Your answer is correct. Using time value of money tables, a financial calculator, or Excel functions, calculate the amount of each of the following: (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275.) 1. Gross investment $ 149352 2. Unearned interest income $ 27640 Net investment in the lease $ 121712 3.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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