Answer:
description of the land
Explanation:
According to my research, many states need for a land sale contract to include a description of the land in order to be able to make the contract enforceable. This is just like when you buy a car, you would like to have photos of the car for the sale. Description as well as photos provide a better understanding of what is being sold.
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Answer:
The missing question is "<em>Kruger offers an extended warranty that covers repairs for years 3 through 10. The price of the extended warranty is $3,000. Kruger estimates that it costs $2,500, on average, to provide the additional repairs required under the extended warranty.
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<em>Required: Assuming the customer chooses not to purchase the extended warranty, what journal entry(ies) should Kruger make at the time of the sale? Assuming the customer chooses to purchase the extended warranty, what journal entry(ies) should Kruger make at the time of the sale?"</em>
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Solution:
Date Account Titles Debit Credit
Cash $50,000
Sales revenue $50,000
Warranty expense $1,200
Warranty liability $1,200
Date Account Titles Debit Credit
Cash $53,000
Sales revenue $50,000
Unearned revenue $3,000
Warranty expense $1,200
Warranty liability $1,200
<span>Ancient Egyptians did not refer to their Kings as Pharaohs.The word Pharaoh comes from the Greek language and was used by the Greeks and Hebrews to refer to the Kings of Egypt. Today, we also use the word Paraoh when referring to the kings of Egypt.</span>
Answer:
Cole should record amortization expense for the leased machine at $9,000.
Explanation:
Machine cost would be recorded in book at = present value of Aggregate lease payments
Machine cost would be recorded in book at = $108,000
Depreciation (amortization) expense for the leased machine in first year= (Machine cost - salvage value)/Useful life
Depreciation (amortization) expense for the leased machine in first year= ($108,000 - 0)/12
Depreciation (amortization) expense for the leased machine in first year= $ 9,000
Therefore, Cole should record amortization expense for the leased machine at $9,000.
