On January 2, 2021, Sunland, Inc. signed a 10-year noncancelable lease for a heavy duty drill press. The lease stipulated annual payments of $360000 starting at the beginning of the first year, with title passing to Sunland at the expiration of the lease. Sunland treated this transaction as a finance lease. The drill press has an estimated useful life of 15 years, with no salvage value. Sunland uses straight-line amortization for all of its plant assets. Aggregate lease payments were determined to have a present value of $2310357, based on implicit interest of 9%. Required:
In its 2021 income statement, what amount of interest expense should Orlole report from this lease transaction?

Bear, inc. estimates its sales at 200,000 units in the first quarter and that sales will increase by 20,000 units each quarter over the year. they have, and desire, a 25% ending inventory of finished goods. each unit sells for $35. 40% of the sales are for cash. 70% of the credit customers pay within the quarter. the remainder is received in the quarter following sale. cash collections for the third quarter are budgeted at

Match each item to check for while reconciling a bank account with the document to which it relates. (there's not just one answer) 1. balancing account statement 2. balancing check register a. nsf fees b. deposits in transit c. interest earned d. bank errors

You are chairman of the board of a successful technology firm. there is a nominal federal corporate tax rate of 35 percent, yet the effective tax rate of the typical corporation is about 12.6%. your firm has been clever with use of transfer pricing and keeping money abroad and has barely paid any taxes over the last 5 years; during this same time period, profits were $28 billion. one member of the board feels that it is un-american to use various accounting strategies in order to avoid paying taxes. others feel that these are legal loopholes and corporations have a fiduciary responsibility to minimize taxes. one board member quoted what the ceo of exxon once said: “i’m not a u.s. company and i don’t make decisions based on what’s good for the u.s.” what are the alternatives? what are your recommendations? why do you recommend this course of action?