Business, 27.12.2020 16:00 isaaccott013

On December 31, 2021, Pharoah Co. leased a machine from Catt, Inc. for a 5-year period. Equal annual payments under the lease are $2300000 (including $104000 annual executory costs) and are due on December 31 of each year. The first payment was made on December 31, 2021, and the second payment was made on December 31, 2022. The five lease payments are discounted at 11% over the lease term. The present value of minimum lease payments at the inception of the lease and before the first annual payment was $9435635. The lease is appropriately accounted for as a finance lease by Pharoah. In its December 31, 2022 balance sheet, Pharoah should report a lease liability of

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 23:30

You are frustrated to find that the only way to contact the customer service department is to make a phone call. the number listed would result in long distance charges to your phone bill. which issue should be addressed by the company to keep its crm in line with your expectations?

Answers: 2

Answer

Business, 22.06.2019 16:30

Bernard made a gift of $500,000 to his brother in 2014. due to bernard’s prior taxable gifts he paid $200,000 of gift tax. when bernard died in 2019, the applicable gift tax credit had increased. at bernard’s death, what amount related to the $500,000 gift to his brother is included in his gross estate?

Answers: 3

Answer

Business, 23.06.2019 00:20

Barney corporation recognized a $100 million preferred stock balance on 12/31/2019. on january 1, 2020, barney issued $10 million in preferred dividends. on the same date, barney raised an additional $20 million via a new issuance of preferred stock. on december 31, 2020, the market value of the original amount of preferred shares rose $5 million. under us gaap, the 12/31/2020 year ending preferred stock balance is:

Answers: 3

Answer

Business, 23.06.2019 07:00

Will mark you the which of the following groups has caused ongoing conflicts in afghanistan? a. the sinhalese majority b. natalitesc. kashmir sikhsd. the taliban

Answers: 2

Answer

You know the right answer?

On December 31, 2021, Pharoah Co. leased a machine from Catt, Inc. for a 5-year period. Equal annual...

Questions