Answer:
IBM
Journal entries at the inception of the lease
Date Account Titles & Explanation Debit Credit
January 1
Debit Accounts receivable (Sharon Swander Company) $182,000
Credit Leased Asset $182,000
To record the lease of the asset to Sharon Swander.
January 1
Debit Cash $35,685
Credit Accounts receivable (Sharon Swander Company) $35,685
To record the receipt of the first rental payment.
Explanation:
a) Data and Calculations:
Cost of equipment on lease = $182,000
Lease terms:
Lease period = 6 years
Annual rental payments = $35,685
Implicit interest rate = 7%
The amount that the farmer paid for the tractor, which is the net price after discounts, is $126,543.75.
<h3>What is the net price?</h3>
The net price is the difference between the sticker price and the discount of 15% received off the sticker price.
<h3>Data and Calculations:</h3>
Sticker price of tractor = $148,875
Discount reduction 15%
Amount paid = $126,543.75 ($148,875 x 1 - 0/15)
Thus, the farmer paid $126,543.75 for the tractor at the dealership.
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C. interactive voice response
Rising demand, increased production, increased hiring, and then rising demand again
