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Ugo [173]
3 years ago
6

On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 20

24, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $414,430 and has an expected economic life of five years. Aqua expects the residual value at December 31, 2024, to be $52,000. Negotiations led to Maywood guaranteeing a $73,000 residual value. Equal payments under the lease are $104,000 and are due on December 31 of each year with the first payment being made on December 31, 2021. Maywood is aware that Aqua used a 7 % interest rate when calculating lease payments. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 6 Required: 1. & 2. Prepare the appropriate entries for Maywood on January 1, 2021 and December 31, 2021, related to the lease. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final answers to the nearest whole dollar.)
Business
1 answer:
zlopas [31]3 years ago
6 0

Answer: See explanation

Explanation:

The appropriate entries for Maywood on January 1, 2021 and December 31, 2021, related to the lease goes thus:

January 1, 2021:

Debit Right of use asset $368291

Credit Lease payment $368291

December 31, 2021:

Debit Ammortization expense $92073

Credit Rights of use asset $92073

Debit Interest expense $25780

Debit Lease payable $78220

Credit Cash $104000

The working to the above entries has been attached

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attached below is the indifference curve

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The indifference map attached shows the Great woman's preference for coconut water as a neuter good and beef as an economic good

as per instruction given in the question the Y axis represents the preference for beef, since coconut being a neuter good, the indifference curve will be a straight line .

note : movement along the y axis is in the upward direction.

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3 years ago
Sheffield Corp. adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was
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Answer: $1226400

Explanation:

The cost of the ending inventory at December 31, 2020 under dollar-value LIFO will be calculated as:

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= $1226400

Therefore, the cost of the ending inventory at December 31, 2020 under dollar-value LIFO is $1226400.

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3 years ago
Luxury Dwellings Inc. is a condominium-building company that is based in the country of Veritas. It sells high-priced homes to c
adelina 88 [10]

Answer:

International.

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•  Increase in performance and recognition

•  Unsolicited foreign orders

•  Domestic market saturation or limitations The crisis presents challenges at home, but also opportunities abroad

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However, a bigger company like Coca-cola wanting to compete may use this strategy.

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Find out more on business norms at brainly.com/question/5718637.

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