King salons leased equipment from smith co on july 1 in a finance lease. the present value of the lease payments discounted at 12% was 79100. ten annual lease payments of 12500 are due beginning july 1 2021. smith co had constructed the equipment recently for 69500 and its retail fair vlue was 79100.
Required:
1. What amount of interest revenue from the lease should smith co report in its dec 31 2021 income statment?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “King salons leased equipment from smith co on july 1 in a finance lease. the present value of the lease payments discounted at 12% was ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Which type system allows energy to enter or leave the system, but does not allow matter to cross into or out of the system?
Answers (1)
Net Present Value Analysis Anderson Company must evaluate two capital expenditure proposals. Anderson's hurdle rate is 12%. Data for the two proposals follow.
Answers (1)
Amanda invested a total of $3 comma 100 into three separate accounts that pay 4 % , 6 % and 7 % annual interest. Amanda has three times as much invested in the account that pays 7 % as she does in the account that pays 4 %.
Answers (1)
Competitive position in the industry
Answers (1)
Your textbook authors describe a treatment plan for one of the somatic symptom and related disorders that includes efforts to reduce any reinforcing or supportive consequences of the illness's symptoms.
Answers (1)
New Questions in Business
What setting must you enable to see data in demographics and interests reports?
Answers (1)
How will a recession in Japan affect the Singapore's economy, given that Singapore is an important trading partner? A. Singapore's net exports are likely to fall because Japan's recession will reduce Singapore's imports. B.
Answers (1)
Suppose an ocean-front hotel rents rooms. In the winter, demand is: P_1 = 80 - 2Q_1 with marginal revenue of: MR_1 = 80-4Q_1. However, in the summer, demand is: P_2 = 140 - 2Q_2 with marginal revenue of: MR_2 = 140-4Q_2.
Answers (1)
Denver company uses a job costing system. The work in process inventory on december 31 consisted of job no. 173 with a balance of $66,200. Job no. 173 has been charged with manufacturing overhead costs of $20,000.
Answers (1)
Caesar, a single taxpayer, has a wage income of $75,000. He also has a short-term capital loss of $5,000, a short-term capital gain of $2,000, and a long-term capital gain of $3,000. What is Caesar's AGI for 2019? a) $72,000. b) $75,000. c) $77,000.
Answers (1)