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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- 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 D
- 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.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: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:
- A 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.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.)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 $11,000
- 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 ringAlcatel 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?At 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 $22,000 for 5 years at year-end.The implicit interest rate is 5% and the company classified the lease as a finance lease. What is the total expense if straight-line amortization is used for the leased asset?Round answer to the nearest whole number.$