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VMariaS [17]
3 years ago
14

Torrey Co. manufactures equipment that is sold or leased. On December 31, 2021, Torrey leased equipment to Dalton for a five-yea

r period ending December 31, 2026, at which date ownership of the leased asset will be transferred to Dalton. Equal payments under the lease are $1,400,000 (including $100,000 executory costs) and are due on December 31 of each year. The first payment was made on December 31, 2021. Collectibility of the remaining lease payments is reasonably assured, and Torrey has no material cost uncertainties. The normal sales price of the equipment is $3,850,000, and cost is $3,000,000. For the year ended December 31, 2021, what amount of income should Torrey realize from the lease transaction
Business
1 answer:
topjm [15]3 years ago
5 0

Answer:

$850,000

Explanation:

The computation of Amount of income should Torrey realize from the lease transaction is shown below:-

Amount of income should Torrey realize from the lease transaction = Sale price - Cost

= $3,850,000 - $3,000,000

= $850,000

Therefore for computing the amount of income should Torrey realize from the lease transaction we simply deduct the cost from sales price.

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if an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Associatio
sdas [7]

Answer: An unfair trade practice

Explanation:

Insurance guaranty associations are the organizations that help in the protection of the interest of the insurance policyholders in a case whereby there's insolvency on the part of the insurance company.

In a scenario whereby an insurance company makes a statement that its policies are guaranteed by the existence of the Insurance Guaranty Association, this is not appropriate and should be termed to be an unfair trade practice.

8 0
3 years ago
Ochre holds one ton of perishable fruit in storage for Produce Corporation. If Produce does not pay for the storage, under the d
VMariaS [17]

Answer:

do whatever is reasonable to minimize the damages.

Explanation:

The Doctrine of Mitigation of Damages provide for the control of damages, so that the one who has already incurred some damage, shall make efficient efforts to minimize the damage.

Accordingly even though the fruits belong to Produce Corporation, but since are perishable he shall in order to reduce his damage at the least by still keeping maximum facility for the fruits. Also he might sell, those fruits which shall refund some of the amount for which he damage is incurred.

8 0
3 years ago
Which factor should influence the organizational pattern you choose? a. your number of section headings b. all responses are cor
FinnZ [79.3K]

Organizational pattern here refers to a way of organization written document. There is numerous type of these, depending on the type of document you are making. Some examples include topical pattern, where you write your document by starting with a description of the topic you are presenting, to causal pattern, where you present your writing in order to explain how a phenomenon occurs and why it happened in such a manner.

Thus, the best answer for the given question is (C) your readers’ expectations.

7 0
4 years ago
A+b+c=4<br> aa+bb+cc=10<br> aaa+bbb+ccc=22<br> aaaa+bbbb+cccc=???
WINSTONCH [101]

Answer:

46

Explanation:

The pattern appear to be the answer  multiplied by 2 and adding  2.

i.e., answer to the next raw id answer to the previous answer times 2 plus 2

second raw = (4 x 2) + 2= 10

Third raw = (10 x 2) + 2 = 22

Forth raw = (22 x 2) + 2= 46

3 0
3 years ago
What are some things you want money can buy
Helen [10]

Answer:

I want a new car and a home.

Explanation:

6 0
2 years ago
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