On January 1, 2020, Hawkeye Airleased a new airplane for 5years. The expected life of the airplane is 20years. The lease stipulates that Hawkeye Air makes annual payments of $1,085,923 payable at the beginningof each year. Hawkeye Airhas anincremental borrowing rate of 4.3%.Hawkeye Air has an option to renew the lease with a 2% increase in the lease payment. a. How will the lease be classified and how do you know?
b. Calculate the present value of the lease payment.
c. What is the balance sheet impact of the lease at the beginning of the lease (1/1/2020)?
d. What is the income statement impact of the lease for 2020?
e. Identify any effects the lease arrangement and the associated reporting would have on the statement of cash flows for 2020.

Jamie lee is reviewing her finances one month later. she has provided the actual amounts paid below. use the cash budget table below to her identify the variances in her budget. each answer must have a value for the assignment to be complete. enter "0" for any unused categories. actual amounts income: monthly expenses: gross monthly salary $2,315 rent obligation $260 net monthly salary $1,740 utilities/electricity $130 savings allocation: utilities/water $10 regular savings $130 utilities/cable tv $155 rainy-day savings $20 food $160 entertainment: gas/maintenance $205 cake decorating class $90 credit card payment $25 movies with friends $50 car insurance $75 clothing $145 budgeted amounts assets: monthly expenses: checking account $1,850 rent obligation $225 emergency fund savings account $4,300 utilities/electricity $75 car $5,200 utilities/water $35 computer & ipad $1,100 utilities/cable tv $120 liabilities: food $115 student loan $6,600 gas/maintenance $95 credit card balance $1,000 credit card payment $45 income: car insurance $45 gross monthly salary $2,155 clothing $45 net monthly salary $1,580 entertainment: savings allocation: cake decorating class $90 regular savings $130 movies with friends $50 rainy day savings $20

David paid $975,000 for two beachfront lots in coastal south carolina, with the intention of building residential homes on each. two years later, the south carolina legislature passed the beachfront management act, barring any further development of the coast, including david's lots. when david files a complaint to seek compensation for his property, south carolina refuses, pointing to a passage in david's own complaint that states "the beachfront management act [was] properly and validly designed to south carolina's " is south carolina required to compensate david under the takings clause?

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