ABC Co. specializes in leasing large storage units to other businesses. ABC entered a contract to lease a storage unit to Smith, Inc. for 4 years when that particular storage unit had a remaining useful life of 5 years. The fair value of the unit was $16,000 at the commencement of the lease on January 1, 2017. The present value of the five equal rental payments of $4,204 at the start of each year, plus the present value of a guaranteed residual value of $1,000, equals the fair value of $16,000, ABC's implicit rate of return on the lease of 7%. The following is a correct, complete amortization schedule created by ABC. Date Lease Payment Interest (7%) on Reduction of Balance of Outstanding Lease Lease Receivable Lease Receivable Receivable1/1/17 $16,0001/1/17 $4,204 $4,204 11,7961/1/18 4,204 $826 3,378 8,4181/1/19 4,204 589 3,615 4,8031/1/20 4,204 336 3,868 93512/31/20 1,000 65 935 0 $17,816 $1,816 $16,000Given the above schedule, make the appropriate entries at December 31, 2020, to record the accrual of interest and the return of the storage unit to Pharoah (assuming the unit is returned on December 31, 2020, at the expected and guaranteed residual value of $1,000).Record accrual of interest:Record residual value of asset:

What is the difference between a public and a private corporation?

During the first month of operations, martinson services, inc., completed the following transactions: jan 2 martinson services received $65,000 cash and issued common stock to the stockholders. 3 purchased supplies, $1,000, and equipment, $12,000, on account. 4 performed services for a customer and received cash, $5,500. 7 paid cash to acquire land, $39,000. 11 performed services for a customer and billed the customer, $4,100. martinson expects to collect within one month 16 paid for the equipment purchased january 3 on account. 17 paid for newspaper advertising, $600. 18 received partial payment from customer on account, $2,000. 22 paid the water and electricity bills, $430. 29 received $2,600 cash for servicing the heating unit of a customer. 31 paid employee salary, $2,900. 31 declared and paid dividends of $1,800. requirements 1. record each transaction in the journal. key each transaction by date. explanations are not required. 2. post the transactions to the t-accounts, using transaction dates as posting references. label the ending balance of each account bal, as shown in the chapter. 3. prepare the trial balance of martinson services, inc., at january 31 of the current year. 4. mark martinson, the manager, asks you how much in total resources the business has to work with, how much it owes, and whether january was profitable (and by how much)?

At april 1, 2019, the food and drug administration is in the process of investigating allegations of false marketing claims by hulkly muscle supplements. the fda has not yet proposed a penalty assessment. hulkly’s fiscal year ends on december 31, 2018. the company’s financial statements are issued in april 2019. required: for each of the following scenarios, determine the appropriate way to report the situation. 1. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 2. management feels an assessment is reasonably possible, and if an assessment is made an unfavorable settlement of $13 million is probable. 3. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is reasonably possible. 4. management feels an assessment is probable, and if an assessment is made an unfavorable settlement of $13 million is probable.