On January 1, 2021, Blossom Corporation signed a 10-year noncancelable lease for certain machinery. The terms of the lease called for Blossom to make annual payments of $185015 at the end of each year for 10 years with the title passing to Blossom at the end of this period. The machinery has an estimated useful life of 15 years and no salvage value. Blossom uses the straight-line method of depreciation for all of its fixed assets. Blossom accordingly accounted for this lease transaction as a financial lease. The lease payments were determined to have a present value of $1241466 at an effective interest rate of 8%.

With respect to this lease, Blossom should record for 2021:

You and your new australian bride matilda, are applying for a loan and are required to submit a balance sheet with your net worth. you own a 2008 toyota camry that you bought last month for $9,995. the kelly blue book value for this car is $13,995. you owe $8,150 on the car loan for the camry. you pay off your visa credit card every month and have not paid any credit card interest this year. the current visa credit card balance is $3,522, and the next statement is due in 15 days. you have a student loan balance of $6,500. you presently have $425 in your checking account and $1,540 in your savings account. you own 100 shares of ibm stock that you purchased for $85.50 per share. one share of ibm is now selling for $158.42. you own computers and other electronics that you purchased for $4,100 but could probably sell today on e-bay for $1,800. your gross income is $80,000 per year. what is your current net worth? (see wb ch. 2 example 2.3)

Adds up the money earned by producers plus taxes paid to the goverment. a) income approach b) product approach c) expenditure approach

2. which of the following statements about interest is true? a. interest is a one-time fee that you pay for lending money. b. interest is expressed as a percentage of the amount you are borrowing. c. because interest rates tend to be small numbers, they typically don't have much effect on the price of the goods you're purchasing. d. interest is a penalty that you pay when you don't pay your bills on time.