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kenny6666 [7]
3 years ago
11

Manufacturers Southern leased high-tech electronic equipment from Edison Leasing on January 1, 2021. Edison purchased the equipm

ent from International Machines at a cost of $168,120. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Related Information: Lease term 2 years (8 quarterly periods) Quarterly rental payments $22,500 at the beginning of each period Economic life of asset 2 years Fair value of asset $168, 120 Implicit interest rate (Also lessee's incremental borrowing rate) 88 Required: Prepare a lease amortization schedule and appropriate entries for Manufacturers Southern from the beginning of the lease through January 1, 2022. Amortization of the right-of-use asset is recorded at the end of each fiscal year (December 31) on a straight-line basis.

Business
1 answer:
nadezda [96]3 years ago
8 0

Complete Question

The  complete question is shown on the first uploaded image

Answer:

Now the calculation of this question and its solution is shown on the second and  third uploaded image

Explanation:

For this question we will be making use of the excel formula

Now note since the installment is paid at the beginning of each quarter, there will be no interest charged in the first quarter and the whole amount paid will be adjusted against the outstanding lease balance.

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g On June 30, the value of the account is 157.50. On December 31, the value of the account is X. Using the time weighted method,
irga5000 [103]

Answer:

236.23

Explanation:

The computation of X is shown below:-

As per the time-weighted method

The 6-month yield

= (40 ÷ 50) × (80 ÷ 60) × (157.50 ÷ 160) - 1

= 5%

Annual equivalent = (1.05)^2 - 1

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1 - year yield = (40 ÷ 50) × (80 ÷ 60) × (175 ÷ 160) × (X ÷ 250) - 1

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X(0.004667) = 1.1025

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Therefore on December 31st the value of account of X = 236.25

4 0
3 years ago
What are three ways that can ensure your message is clear and not misnunderstood?
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Your communication style matches theirs

ask them what they heard. how they might explain it to others

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3 years ago
How are chain restaurants started
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8 0
2 years ago
Read 2 more answers
Chief financial officer Barry submits travel and expense reports that are completely genuine and encourages employees in his div
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Answer:

<u>Leading by example</u>

Explanation:

Chief financial officer Barry submits travel and expenses reports that are completely genuine and encourages employees in his division to always give accurate and correct information . Barry is using the ethical initiative called <em><u>leading by example.</u></em>

Leading by example is a good quality of any leader . When a leader explain or tell anything to its team by using examples then it motivates the team , they thought that when he/she ( the person used in example) can do , then they also can do this. The leaders who used leading by example quality will make themselves as well as his team to follow him. These is a good technique to strengthen and inspire the people. It is the responsibility of the leader to guide their teams .

7 0
3 years ago
If a gain of $5,292 is realized in selling (for cash) office equipment having a book value of $50,960, find the total amount rep
kati45 [8]

Answer:

$56,252

Explanation:

<u />

<u>For the investing activities we should post the proceeds from the sale</u>, not the gain or the book value of the equipment

if there is a gain, then it was sold above the book value by this amount

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proceeds - 50,960 = 5,292

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8 0
3 years ago
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