1. Johnson Company has entered into a lease agreement for equipment which is not cancelable. The details of the lease are as follows: Inception of the lease: Jan 1 2012 residual value at the end of the lease term is guaranteed at the end of the lease term for $50000 annual lease payments are $124798 due at the beginning of each year starting on Jan 1 2012. The lease term is 6 years the economic life of the equipment is 5 years and the fair value of the asset at Jan 1 2012 is $600000. The borrowing rate is 6% per year. The lessee uses the straight line method to depreciate the asset.a. Prepare the journal entry to record the lease agreement on Jan 1 2012 from the lessee s perspective.b. Record the first payment on Jan 1 2012c. Record the second payment on Jan 1 2013 and any adjusting entries needed on Dec 31 2013.2. George Manufacturing manufactures equipment for booths and has leased one to Peterson for a period of 10 years. The equipment has an estimated useful life of 12 years and the normal selling price of the asset is $278072. The unguaranteed residual value is $20000. Peterson will make annual payments of $40000 at the beginning of each year starting on June 1 2012 and all maintenance and insurance costs. It cost George $180000 to manufacture the equipment and the borrowing rate is 10%.a. Record the lease agreement from the lessor s perspective on July 1 2013.b. Record receipt of the first payment on July 1 2013c. Record any adjusting entry at December 31 2013d. Record receipt of the second payment on July 1 2014 and any other entries if needed.3. On January 1 2011 Richardson Corp. leased a new machine from Johnson Corp for 3 years which has an expected useful life of 8 years with no salvage value. It is depreciated on a straight line basis. The annual rental payments are $180000 and start at the beginning of the year. Richardson is required to pay a security deposit of $35000 at the signing of the lease.a. Record the lease agreement from the lessee s point of view on Jan 1 2011.b. Record payment of the security deposit by Richardson and the first paymentc. Record the journal entry for initial lease contract from the lessor s perspective.d. Record the first payment received by the lessor and the security deposit.e. Record any adjusting journal entry needed at December 31 2011 by the lessee or lessor.
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BENCHMARK – EFFECTS OF CHILDHOOD TRAUMA WORKSHEET
Academic Level University Subject Healthcare Type of Paper Other (Not listed) Paper Format APA Assessment Traits Benchmark Requires Lopeswrite Assessment Description Complete the “Effects of Childhood Trauma Worksheet” document attached. While APA format is not Read more…