On december 31, 2017, reagan inc. signed a lease with silver leasing co. for some equipment having a seven-year useful life. the lease payments are made by reagan annually, beginning at signing date. title does not transfer to the lessee, so the equipment will be returned to the lessor on december 31, 2023. there is no purchase option, and reagan guarantees a residual value to the lessor on termination of the lease.

reagan's lease amortization schedule appears below:

dec. 31
payments
interest decrease in
balance outstanding
balance
2017 $ 519,115
2017 $ 90,000 $ 90,000 429,115
2018 $ 90,000 $ 17,165 72,835 356,280
2019 $ 90,000 14,251 75,749 280,531
2020 $ 90,000 11,221 78,779 201,752
2021 $ 90,000 8,070 81,930 119,822
2022 $ 90,000 4,793 85,207 34,615
2023 $ 36,000 1,385 34,615 0

what is the amount of residual value guaranteed by reagan to the lessor?

multiple choice

$1,385.

$34,615.

$36,000.

cannot be determined from the given information.

On june 1 of the current year, chad wilson established a business to manage rental property. he completed the following transactions during june: opened a business bank account with a deposit of $28,000 from personal funds. purchased office supplies on account, $2,690. received cash from fees earned for managing rental property, $7,390. paid rent on office and equipment for the month, $3,310. paid creditors on account, $1,230. billed customers for fees earned for managing rental property, $6,130. paid automobile expenses (including rental charges) for the month, $740, and miscellaneous expenses, $370. paid office salaries, $2,330. determined that the cost of supplies on hand was $1,590; therefore, the cost of supplies used was $1,100. withdrew cash for personal use, $2,210. required: 1. indicate the effect of each transaction and the balances after each transaction: for those boxes in which no entry is required, leave the box blank. for those boxes in which you must enter subtractive or negative numbers use a minus sign. (example: -300) answer

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