Castle Leasing Company signs a lease agreement on January 1, 2017, to lease electronic equipment to Jan Way Company. The term of the non-cancel-able lease is 2 years, and payments are required at the end of each year. The following information relates to this agreement: a- Jan Way has the option to purchase the equipment for $16,000 upon the termination of the lease. It is not reasonably certain that Jan Way will exercise this option.
b- The equipment has a cost of $120,000 and a fair value of $160,000 to Castle Leasing. The useful economic life is 2 years, with a residual value of $16,000.
c- Castle Leasing desires to earn a return of 5% on its investment.
d- Collectibility of the payments by Castle Leasing is probable.
1. Prepare the journal entries on the books of Castle Leasing to reflect the payments received under the lease and to recognize income for the years 2017 and 2018.
2. Assuming that Jan Way exercises its option to purchase the equipment on December 31, 2018, prepare the journal entry to record the sale on Castle Leasing's books.

With q7 assume the sweet company uses a plantwide predetermined overhead rate with machine-hours as the allocation base. and for q 10,11,13,and 14,assume that the company use department predetermined overhead rates with machine-hours as the allocation bade in both departements.7. assume that sweeten company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. what selling price would the company have established for jobs p and q? what are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for job p and 30 units were produced for job q? (do not round intermediate calculations. round your final answers to nearest whole dollar.)total price for the job for job p -job q selling price per unit for job p q . how much manufacturing overhead was applied from the molding department to job p and how much was applied to job q? (do not round intermediate calculations.) job p job q manufacturing overhead applied for job p for job q . how much manufacturing overhead was applied from the fabrication department to job p and how much was applied to job q? (do not round intermediate calculations.)job p job q manufacturing overhead applied for job p for job q . if job q included 30 units, what was its unit product cost? (do not round intermediate calculations. round your final answer to nearest whole dollar.)14. assume that sweeten company used cost-plus pricing (and a markup percentage of 80% of total manufacturing cost) to establish selling prices for all of its jobs. what selling price would the company have established for jobs p and q? what are the selling prices for both jobs when stated on a per unit basis assuming 20 units were produced for job p and 30 units were produced for job q? (do not round intermediate calculations. round your final answer to nearest whole dollar.)total price for the job p for job q selling price per unit for job p for job q