Novak Corporation leases equipment from Falls Company on January 1, 2020. The lease agreement does not transfer ownership, contain a bargain purchase option, and is not a specialized asset. It covers 3 years of the equipment’s 8-year useful life, and the present value of the lease payments is less than 90% of the fair value of the asset leased. The annual lease payment is $36,000 at the beginning of each year, and Sarasota’s incremental borrowing rate is 9%, which is the same as the lessor’s implicit rate Required:
Prepare Novak’s journal entries on January 1, 2020, and December 31, 2020. Assume the annual lease payment is $39,000 at the beginning of each year, and Novak’s incremental borrowing rate is 5%, which is the same as the lessor’s implicit rate.

At the end of the week, carla receives her paycheck and goes directly to the bank after work to make a deposit into her savings account. the bank keeps the required reserve and then loans out the remaining balance to a qualified borrower named malik as a portion of his small business loan. malik uses the loan to buy a tractor for his construction business and makes small monthly payments to the bank to payback the principal balance plus interest on the loan. the bank profits from a portion of the interest payment received and also passes some of the interest back to carla in the form of an interest payment to her savings account. in this example, the bank is acting

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.

The following are the current month's balances for abc financial services, inc. before preparing the trial balance. accounts payable $ 10,000 revenue 6,000 cash 3,000 expenses 17,500 furniture 10,000 accounts receivable 14,000 common stock ? notes payable 6,500 what amount should be shown for common stock on the trial balance? a. $48.000b. $12.500c. $27.000d. $28.000