Warren Co. recorded a right-of-use asset of $830,000 in a 10-year finance lease. The interest rate charged by the lessor was 10%. The balance in the right-of-use asset after two years will be: Multiple Choice $664,000. $982,858. $833,458 $672,300.
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- Red Co. recorded a right-of-use asset of $125,000 in a 10-year finance lease. Payments of $20,343 are made annually at the end of each year. The interest rate charged by the lessor and known by Red was 10%. The balance in the lease payable after two years will be: (Round your final answer to the nearest whole dollar.) Multiple Choice $151,250. $145,377. $100,000. $108,530.Warren Co. recorded a right-of-use asset of $830,000 in a 10-year finance lease. The interest rate charged by the lessor was 10%. The balance in the right-of-use asset after two years will be: Multiple Choice О $664,000. $982,858. $833,458. $672,300.Calloway Corporation recorded a right-of-use asset of $185,000 in a 10-year finance lease. Payments of $30,108 are made annually at the end of each year. The interest rate charged by the lessor and known by Calloway was 10%. Calculate the balance in Calloway's lease payable after two years. Please show step by steps! Multiple Choice $160,623. $148,000. $215,142. $223,850.
- Durney Co. recorded a right-of-use asset of $800,000 at the start of a ten-year finance lease. The interest rate charged by the lessor was 9.5%. The balance of the right-of-use asset at the end of the second year should be: A) $648,000 B) $640,000 C) $880,000 D) $968,000 O A O B O DA Co. recorded a right-of-use asset of $400,000 in a 10-year operating lease. Payments of $65,100 are made annually at the end of each year. The interest rate charged by the lessor was 10%. The balance in the right-of-use asset after the first year will be: a. $376,900. b. $374,900. c. $360,000. d. $400,000.Blue Co. recorded a right-of-use asset of $150,000 in a 10-year operating lease. Payments of $24,412 are made annually at the end of each year. The interest rate charged by the lessor was 10% and was known by Blue. The balance in the right-of-use asset after two years will be:
- Red Co. recorded a right-of-use asset of $110,000 in a 10-year finance lease. Payments of $17,902 are made annually at the end of each year. The interest rate charged by the lessor and known by Red was 10%. The balance in the lease payable after two years will be:Hy Marx Co. recorded a right-of-use asset of $600,000 in a 10-year operating lease. Lease payments are made annually at January 1 of each year beginning January 1, 2021. The interest rate charged by the lessor was 10%. (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.) Required:Prepare the appropriate journal entries on January 1, 2021, and December 31, 2021. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amounts.)On January 1, 2024, Blue Co. recorded a right-of-use asset of $869,628 in a 10-year operating lease. The lease calls for ten annual payments of $120,000 at the beginning of each year. The interest rate charged by the lessor was 8%. What amount will Blue Co. record for amortization expense on December 31, 2024? O $60,030 O $64,832 O $86,963 $59,970 ring
- Alia Company leased an asset to Lion Company and appropriately accounted for the lease as a direct financing lease. The asset has a fair value of $36,000 and a carrying amount of $30,000. The lease has an implicit rate of 6% and a third-party guaranteed residual value of $5,000. The lease term is three years, and the asset has a five-year useful life. The present value of a single sum at 6% and three years is .83962. What amount of deferred gross profit should Alia record at the inception of the lease? $4,198 $5,000 $6,000 $11,000At the beginning of the year, Cazenovia, Inc. entered into a five-year lease for equipment that was valued at $95,000. The company will be required to make annual lease payments of $22,000 for 5 years at year-end.The implicit interest rate is 5% and the company classified the lease as a finance lease. What is the total expense if straight-line amortization is used for the leased asset?Round answer to the nearest whole number.$Alcatel Company leased an asset to another company. The cost of the asset was P7,994,000. Terms of the lease specify 4-year life for the lease, an annual interest rate of 15%, and 4-year-end rental payments. The lease qualified as a direct financing lease. The lease provided for a transfer of title to the lessee at the end of the lease term. After the 4th year, the residual value was estimated at P1,000,000. The PV of 1 at 15% for 4 periods is 0.572, and the PV of an ordinary annuity of 1 at 15% for 4 periods is 2.855. 1. How much is the annual rental?