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Thepotemich [5.8K]
3 years ago
9

El tapitio purchased restaurant furniture on september 1, 2018, for $45,000. residual value at the end of an estimated 10-year s

ervice life is expected to be $6,000. calculate depreciation expense for 2018 and 2019, using the straight-line method, and assuming a december 31 year-end.
Business
1 answer:
shutvik [7]3 years ago
5 0
<span>Year 2018 ($45,000 - $5,000)/10 = 3,000 Ă— 4/12 = $1,000 2019 ($35,000 - $5,000)/10 = $3,000</span>
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Answer:

A.$230,410

B. 01-Jan-17

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Explanation:

A. Computation for the amount of the lease receivable.

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PV of lease= -PV (6%,8,35004, , 1)

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Therefore the amount of the lease receivable is $230,410

B. Preparation of all necessary journal entries for Crosley for 2020.

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01-Jan-17

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Cr Lease Receivable $35,004

31-Dec-17

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Cr Interest Revenue $11,724

C. Preparation of all necessary journal entries for the company in 2020.

01-Jan-17

Dr Cash $35,004

Cr Deposit Liability $35,004

D. Preparation to Record the entry to recognize the receipt of the asset for Crosley at the end of the lease term

Dr Inventory $1,000

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6 0
3 years ago
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3 years ago
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Answer:

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3 years ago
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