Business, 15.04.2021 18:10 christson805
Lockhard Corporation entered into a lease agreement on January 1, 2019, to provide Cominsky Company with a piece of equipment. The terms of the lease agreement were as follows: 1. The lease is to be for 3 years with the rental payments of $10,521 to be made at the beginning of each year. 2. The equipment has a fair value of $55,000, a book value of $40,000, and an economic life of 8 years. 3. At the end of the lease term, both parties expect the equipment to have a residual value of $30,000 none of which is guaranteed. 4. The lease does not transfer ownership at the end of the term, does not have a bargain purchase option, and the asset is not of specialized nature. 5. The implicit is 6%, which is known by Cominsky. 6. Collectability of payments is probable. Instructions: 1. Using the lease classification tests, determine the nature of this lease. You must provide supporting reasons for your classification of the lease to receive full credit. 2. Prepare the amortization schedules for Cominsky will use over the lease term. 3. Prepare the 2019 journal entries for Cominsky. 4. Prepare the 2019 journal entries for Lockhard.
Answers: 2
Business, 22.06.2019 05:50, salvadorperez26
Match the steps for conducting an informational interview with the tasks in each step.
Answers: 1
Business, 22.06.2019 08:00, savannahworkman11
How do communism and socialism differ in terms of the role that government plays in the economy ?
Answers: 1
Business, 22.06.2019 10:20, rockstargirl9245
Asmartphone manufacturing company uses social media to achieve different business objectives. match each social media activity of the company to the objective it the company achieve.
Answers: 1
Business, 22.06.2019 19:50, leannamat2106
At the beginning of 2014, winston corporation issued 10% bonds with a face value of $2,000,000. these bonds mature in five years, and interest is paid semiannually on june 30 and december 31. the bonds were sold for $1,852,800 to yield 12%. winston uses a calendar-year reporting period. using the effective-interest method of amortization, what amount of interest expense should be reported for 2014? (round your answer to the nearest dollar.)
Answers: 2
Lockhard Corporation entered into a lease agreement on January 1, 2019, to provide Cominsky Company...
Mathematics, 12.02.2021 22:40
Mathematics, 12.02.2021 22:40
Mathematics, 12.02.2021 22:40
Mathematics, 12.02.2021 22:40
Mathematics, 12.02.2021 22:40
Mathematics, 12.02.2021 22:40