Business, 28.05.2020 05:57 Dianar723

Assume that on December 31, 2019, Simsight Corp. signs an 8-year, non-cancelable lease agreement to lease a machine from Nico Company. The following information pertains to this lease agreement: 1. The agreement requires equal rental payments of $57,464 beginning on December 31, 2019. 2. The fair value of the building on December 31, 2019, is $420,141. 3. The building has an estimated economic life of 10 years, a guaranteed residual value of $8,000, and an expected residual value of $5,600. Simsight depreciates similar machines on the straight-line method. 4. The lease is nonrenewable. At the termination of the lease, the machine reverts to the lessor. 5. Simsight's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Simsight. Prepare the journal entries on the lessee's books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2019, 2020, and 2021. Simsight's fiscal year-end is December 31.

Answers: 1

Show answers

Another question on Business

Business, 22.06.2019 11:00

The following information is available for ellen's fashions, inc. for the current month. book balance end of month $ 7 comma 000 outstanding checks 700 deposits in transit 4 comma 500 service charges 120 interest revenue 45 what is the adjusted book balance on the bank reconciliation?

Answers: 2

Answer

Business, 22.06.2019 21:30

Abond purchased for $950 was sold for $980 after one year. the interest received during the year is $25. the bond's yield is:

Answers: 1

Answer

Business, 22.06.2019 22:00

Which of the following statements about nonverbal communication is most accurate? a. the meanings of some gestures can vary among cultures b. the way an e-mail, letter, memo, or report looks can have either a positive or a negative effect on a receiver c. the manner in which we structure and use time can reveal our personalities and attitudes d. all statements are accurate

Answers: 1

Answer

Business, 22.06.2019 22:50

Suppose that the u.s. dollars-mexican pesos exchange rate is fixed by the u.s. and mexican governments. assume also that labor is mobile between the united states and mexico due to low transportation costs.which of the following situations is likely to happen as a result of a simultaneous increase in the demand for u.s. goods and decrease in the demand for mexican goods? (pick mexican unemployment rate increases, and the country undergoes bad economic times for a sustained u.s. unemployment rate increases, and the country undergoes bad economic times for a sustained mexican unemployment rate rises at first, but it soon drops as unemployed mexicans move to the united states for mexican unemployment rate rises at first, but then it drops as mexican pesos depreciate against u.s. dollars.

Answers: 1

Answer

You know the right answer?

Assume that on December 31, 2019, Simsight Corp. signs an 8-year, non-cancelable lease agreement to...

Questions