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Klio2033 [76]
3 years ago
13

Titanic Corporation leased executive limousines under terms of $20,000 to be paid at the inception of the lease, and four equal

annual payments of $30,000 to each be paid thereafter on the anniversary date of the lease. The interest rate implicit in the lease is t1%. The first year's interest expense limousines under terms of $20,000 to be paid at the inception of the lease, and four equal annual payments of References would be: Multiple Choice a.$13,200b.$13,238
Business
1 answer:
nevsk [136]3 years ago
7 0

Answer:

10,238.08

Explanation:

Data provided as per the question

Annual payment = $30,000

Implicit lease = 11%

The computation of per equal payment is shown below:-

Four equal annual payment and $1 = 3.10245

Present value = $30,000 × 3.10245

= 93,073.5

First year interest expense = 93,073.5 × 11%

= 10,238.08

Therefore the first year interest expense = 10,238.08 and hence option is not available. Also there is misprint of 11% so I corrected.

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4 years ago
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likoan [24]

Answer:

$24,000

Explanation:

From the time an asset is acquired until the time it is sold, an asset experiences a number of events which causes an increase or decrease of its total value. Th adjusted basis of a given asset, takes the base price of an asset and adjusts it for changes in value reflecting enhancements and or depreciation. For instance, a given asset purchased for $100, depreciates by $10 and has an improvement of $60 would have an adjusted basis of $100 - $10 + $60 = $150.

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Mary's adjusted basis in the new furniture after the exchange is:

= $4,000 + $20,000

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