In the preview of the HBO show regarding “guarantee games,” how did one of the coaches interviewed describe these games for HBCUs?
What kind of a function ‘yields’ something (as opposed to re…
What kind of a function ‘yields’ something (as opposed to returning something)
Which of the following was NOT one of the reasons the NBA id…
Which of the following was NOT one of the reasons the NBA identified for shutting down the G League Ignite?
Which politician was seen as influential in the organization…
Which politician was seen as influential in the organization of universities to settle football-related disputes in the early 1900s?
Section 7: Leases (14%) On 1/1/2012, Gerrit, Inc. enters int…
Section 7: Leases (14%) On 1/1/2012, Gerrit, Inc. enters into a 12-year non-cancellable lease for a piece of machinery owned by Verlander, Inc. The lease calls for annual payments of $20,000, payable at the end of each year of the lease (i.e. first payment is due on 12/31/12). At the end of the lease, the right to use the machine transfers back to Verlander. Gerrit, Inc. declined the opportunity to purchase the machine outright for $250,000, and the economic life of the machine is believed to be 20 years. There is also a bargain renewal option to extend the lease another 4 years for $10,000 per year. Gerrit uses a 4% discount rate to calculate present values, and generally uses straight-line depreciation for machinery assuming no salvage value. In addition, Gerrit Inc spends $51,000 to customize the machinery for use in their factory. They believe that this customization has a useful life of 15 years. Question 15) What type of lease is this, from Gerrit’s perspective, and why? Question 16) What (if any) journal entries should Gerrit record on 1/1/2012? Question 17) What (if any) journal entries should Gerrit record on 12/31/2013 (the end of year 2)? Question 18) Could this lease qualify for sale and leaseback accounting treatment, if it had been sold to Verlander by Gerrit immediately before entering into the lease described above?
Section 5: Ch 1 – Equity Investment (14%): Jason, Inc. purch…
Section 5: Ch 1 – Equity Investment (14%): Jason, Inc. purchases 40% of Travis, Inc. for $500,000 on 1/1/2018. At the time of the purchase Travis, Inc. had a book value of $1,100,000. The discrepancy in the fair value relative to the book value is primarily due to a building that has a fair value that is $80,000 greater than its book value (10-year remaining useful life) and a machine that has a fair value that is $70,000 greater than its book value (5-year remaining useful life). Given the following information for 2018 and 2019: Travis, Inc.: 2018: Ending FV = $1,400,000; NI = $600,000; Div. Paid = $90,000 2019: Ending FV = $800,000; NI (loss) = – $150,000; Div. Paid = $25,000 Jason, Inc.: 2018: Ending FV = $15,000,000; NI = $850,000; Div. Paid = $250,000 2019: Ending FV = $16,000,000; NI = $1,000,000; Div. Paid = $400,000 Question 9)What is the value of the “Equity Investment in Travis, Inc.” on Jason’s 2018 and 2019 balance sheet? Question 10)How much total “Investee Income” did Jason, Inc. record from this investment in 2018 and 2019? Question 11)If Travis has a fair value at the end of 2026 of $1,200,000, reports net income in 2026 of $280,000, and pays a dividend of $60,000, how much “Investee Income” would Jason, Inc. record from this investment in 2026?
What laboratory testing should NOT be performed on someone w…
What laboratory testing should NOT be performed on someone with suspected Polycystic Ovary Syndrome?
Which of the following electrolytes is the chief plasma cati…
Which of the following electrolytes is the chief plasma cation whose main function is maintaining osmotic pressure?
One component of the troponin complex binds this cation need…
One component of the troponin complex binds this cation needed for muscle contraction.
A drug has the half-life of 6 hours. If a dose is given ever…
A drug has the half-life of 6 hours. If a dose is given every 6 hours, a steady-state drug level would be achieved in: