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In: Accounting
You are the new controller for Banana, Inc.. The company CFO has asked you to develop the...
You are the new controller for Banana, Inc.. The company CFO has asked you to develop the appropriate worksheets and then journal entries to support several lease contracts as applied based on the new lease regulations. Your accounting group provided you the following information regarding the lease:
- On January 2, 2019, Banana’s subsidiary, Cream, entered into an equipment lease for four years, with semi-annual payments, for a machine that had an eight (8) year life and a fair value of $420,000. The payments were $29,500 each starting January 2, 2019, and continuing each June 30 and December 31. The lessor’s implicit interest rate was 8%. Provide the amortization table for the lease and the journal entries required at the inception of the lease and the lease payment on June 30, 2020. The lessee records amortization expense each time a lease payment is made. (9 points, including amort table)
Solutions
ekkarill92 answered 1 year agoRelated Solutions
You are the new controller for Banana, Inc.. The company CFO has asked you to develop...
You are the new controller for Banana, Inc.. The company CFO has
asked you to develop the appropriate worksheets and then journal
entries to support several lease contracts as applied based on the
new lease regulations. Your accounting group provided you the
following information regarding the lease:
On January 2, 2019, another of Banana’s subsidiaries, Apple,
entered into an operating lease for four years, with semi-annual
lease payments as follows: payments 1 and 2 = $22,500;
payments 3 and 4 =...
You are the new controller for Banana, Inc.. The company CFO has asked you to develop...
You are the new controller for Banana, Inc.. The company CFO has
asked you to develop the appropriate worksheets and then journal
entries to support several lease contracts as applied based on the
new lease regulations. Your accounting group provided you the
following information regarding the lease:
On January 2, 2018, Banana leased equipment, with a fair value
of $675,000, under a capital lease calling for seven annual lease
payments of $110,000 beginning January 2, 2018, and continuing each
December...
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You are the new controller for Moonlight Bay Resorts. The
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expense for the year ended December 31, 2018. Your accounting group
provided you the following information on the company's debt: (FV
of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
(Use appropriate factor(s) from the tables
provided.)
On July 1, 2018, Moonlight Bay issued bonds with a face amount
of $2,300,000....
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to...
You are the new controller for Moonlight Bay Resorts. The
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expense for the year ended December 31, 2021. Your accounting group
provided you the following information on the company's debt: (FV
of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
(Use appropriate factor(s) from the tables provided.) On July 1,
2021, Moonlight Bay issued bonds with a face amount of $2,400,000....
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to...
You are the new controller for Moonlight Bay Resorts. The
company CFO has asked you to determine the company’s interest
expense for the year ended December 31, 2021. Your accounting group
provided you the following information on the company's debt: (FV
of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
(Use appropriate factor(s) from the tables
provided.)
On July 1, 2021, Moonlight Bay issued bonds with a face amount
of $2,400,000....
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to...
You are the new controller for Moonlight Bay Resorts. The
company CFO has asked you to determine the company’s interest
expense for the year ended December 31, 2018. Your accounting group
provided you the following information on the company's debt: (FV
of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
(Use appropriate factor(s) from the tables
provided.)
On July 1, 2018, Moonlight Bay issued bonds with a face amount
of $2,500,000....
You are the new controller for Moonlight Bay Resorts. The company CFO has asked you to...
You are the new controller for Moonlight Bay Resorts. The
company CFO has asked you to determine the company’s interest
expense for the year ended December 31, 2021. Your accounting group
provided you the following information on the company's debt: (FV
of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
(Use appropriate factor(s) from the tables
provided.)
On July 1, 2021, Moonlight Bay issued bonds with a face amount
of $2,200,000....
1. You are the new controller for Moonlight Bay Resorts. The company CFO has asked you...
1. You are the new controller for Moonlight Bay Resorts. The
company CFO has asked you to determine the company’s interest
expense for the year ended December 31, 2018. Your accounting group
provided you the following information on the company's debt: (FV
of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
(Use appropriate factor(s) from the tables
provided.)
On July 1, 2018, Moonlight Bay issued bonds with a face amount
of...
Assuming that you are the controller for a publicly traded company, your CFO has asked you...
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Assuming that you are the controller for a publicly traded company, your CFO has asked you...
Assuming that you are the controller for a publicly traded
company, your CFO has asked you to prepare a presentation for the
accounting department personnel and the public auditors about the
importance of the SOX Act and the requirements and responsibilities
that the Act establishes for the auditors in charge of an annual
audit. After the presentation, the CFO wants all accounting
personnel and public accounting auditors to understand the
regulations and guidelines established by the SOX Act and also...
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