Answer:
Value of the lease = Annual lease payments * PVAD (11%, 13)
Value of the lease = $102,771 * 7.492236
Value of the lease = $770,000
Date Account Titles and Explanation Debit$ Credit$
Jan. 1 Leased Asset - Airplane 770000
Lease Liability 770000
Jan. 1 Lease Liability 102771
Cash 102771
Dec. 31 Interest Expense 73395
($770,000 - $102,771) x 11%
Interest Payable 73395
Dec 31. Depreciation Expenses 40,000
(600,000/15 years)
Accumulated Depreciation 40,000
Answer:
39.992
Explanation:
divide 20 by 100 multiply it to 49.99 then subtract answer from 49.99
Answer: <u><em> The measured-GDP would increase by $5 billion.</em></u>
Explanation:
Given :
Inventories fall by $2 billion,
Consumption increases by $8 billion,
Welfare Payments decline by $3 billion,
Export increases by $1 billion
Import also increases by $2 billion.
Note: While calculating GDP we will not include Welfare payments in it.
GDP = 
GDP = $5 billion
Answer:
Explanation:
In this scenario, we compare the values between book value and the fair value of equipment, the difference would be the loss on impairment of the asset
In mathematically,
= Book value - fair value
where,
Book value = Equipment cost - accumulated depreciation
= $672,000 - $174,000
= $498,000
And, the fair value is $384,000
Now put these values to the above formula
So, the value would equal to
= $498,000 - $384,00
= $114,000
Now the journal entry would be
Loss on impairment A/c Dr $114,000
To Accumulated depreciation A/c $114,000
(Being the impairment loss is recorded)
