Bridgeport Corporation entered into a lease agreement on January 1, 2020, to provide Ivanhoe Company with a piece of machinery. The terms of the lease agreement were as follows.1.The lease is to be for 3 years with rental payments of $11,200 to be made at the beginning of each year.2.The machinery has a fair value of $58,000, a book value of $40,000, and an economic life of 8 years.3.At the end of the lease term, both parties expect the machinery to have a residual value of $20,000, none of which is guaranteed.4.The lease does not transfer ownership at the end of the lease term, does not have a bargain purchase option, and the asset is not of a specialized nature.5.The implicit rate is 4%, which is known by Dawkins. Collectibility of the payments is probable.

How do primary and secondary industries differ

Serious question, which is preferred in a business? pp or poopoo?

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?