subject
Business, 04.03.2021 20:10 proutyhaylee

Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight Machines manufactured the equipment at a cost of $400,000 and lists a cash selling price of $459,714. Appropriate adjusting entries are made quarterly Related Information:
Lease term 5 years (20 quarterly periods)
Quarterly lease payments $30,000 at Jan. 1, 2018, and at Mar. 31, June 30, Sept. 30, and Dec. 31 thereafter.
Economic life of asset 5 years
Interest rate charged by the lessor
12%
Required:
1. Prepare appropriate entries for Eye Deal to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.
Jan 1, 2018 -Record the beginning of the lease for Eye Deal.
Jan 1, 2018-Record the quarterly rental paid by Eye Deal.
March 31,2018- Record the quarterly rental and interest paid by Eye Deal.
March 31, 2018- Record Ammortization of right of use equipment for eye deal
2. Prepare appropriate entries for Insight Machines to record the arrangement at its beginning, January 1, 2018, and on March 31, 2018.
Jan 1, 2018- Record the beginning of the lease for Insight Machines.
Jan 1, 2018- Record the lease revenue recieved by insight machines.
March 31, 2018- Record the lease revenue and interest recieved by insight machines

ansver
Answers: 3

Other questions on the subject: Business

image
Business, 20.06.2019 18:04, mikemofun9079
Adupont analysis is conducted using the dupont equation which to identify
Answers: 3
image
Business, 22.06.2019 09:00, aghalyaa
Harry is 25 years old with a 1.55 rating factor for his auto insurance. if his annual base premium is $1,012, what is his total premium? $1,568.60 $2,530 $1,582.55 $1,842.25
Answers: 3
image
Business, 22.06.2019 10:00, bob7220
Your father offers you a choice of $120,000 in 11 years or $48,500 today. use appendix b as an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. if money is discounted at 11 percent, what is the present value of the $120,000?
Answers: 3
image
Business, 22.06.2019 10:20, Sparkledog
Blue spruce corp. has the following transactions during august of the current year. aug. 1 issues shares of common stock to investors in exchange for $10,170. 4 pays insurance in advance for 3 months, $1,720. 16 receives $710 from clients for services rendered. 27 pays the secretary $740 salary. indicate the basic analysis and the debit-credit analysis.
Answers: 1
You know the right answer?
Eye Deal Optometry leased vision-testing equipment from Insight Machines on January 1, 2018. Insight...

Questions in other subjects:

Konu
Mathematics, 26.08.2020 22:01