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Limited payment whole life insurance is a contract written for a given number of years after which the face value is automatically paid to the insured. True, False

For which of the following transactions would the use of the present value of an ordinary annuity concept be appropriate in calculating the present value of the asset obtained or the liability owed at the date of incurrence?   Group of answer choices   1)A capital lease is entered into with the initial lease payment due one month subsequent to the signing of the lease agreement. 2)A capital lease is entered into with the initial lease payment due upon the signing of the lease agreement. 3)A ten-year 8% bond is issued on January 2 with interest payable semiannually on January 2 and July 1 yielding 7%. 4)A ten-year 8% bond is issued on January 2 with interest payable semiannually on January 2 and July 1 yielding 9%.

X Co. can deduct life insurance premiums paid providing: O the life insurance policy is required as security on a loan from a financial institution O the company paid the life insurance policy within the year O the premium paid is for insurance on the president of X Co O the premium paid is reasonable in terms of cost

A lessee has developed the following information regarding a lease contract, with payments due at the beginning of the period. Use this information to determine the amount at which the lease obligation will initially be recorded. Description Amount Present value Present value of total of annuity due amount Annual lease $4,500 S16.528 S14,258 payment Discount rate 6% Number of periods 4 Purchase option $300 S238 Group of answer choices: 18,000 14,495 16,528 14,258 18,300 16,766

ed: Calculate the yearly payment that Alexis will charge Edgar under this lease agreement if payments are made on 1/1 of each year, beginning 1/1/19. a. o. Prepare all journal entries that would be made by Alexis (lessor) during 2019 and 2020 relating to this lease. . Prepare all journal entries that would be made by Edgar (lessee) during 2019 and 2020 relating to this lease.

Determine the income to be reported by ML partnership in 2020assuming the company opted to report income from improvement usingthe lump-sum method and spread-out method.

PROBLEM NO. 3 Assume that DBP Leasing Corp. and Minasugbo Inc. sign a lease contract effective on January 1, 2019 where DBP Leasing leases to Minasugbo a bulldozer. The terms and provisions of the lease contract and other pertinent date are as follows: • The term of the lease is five years. The lease agreement is non-cancelable, requiring equal rental payments of P20,711.11 at the beginning of each year (annuity-due basis). The bulldozer has a fair value at the commencement of the lease of P100,000, an estimated economic life of five years, and a guaranteed residual value of P5,000. (Minasugbo expects that it is probable that the expected value of the residual value at the end of the lease will be greater than the guaranteed amount of P5,000.) The lease contains no renewal options. The bulldozer reverts to DBP Leasing at the termination of the lease. Minasugbo's incremental borrowing rate is 5 percent per year. • Minasugbo depreciates its equipment on a straight-line basis. DBP Leasing…

Assume that DBP Leasing Corp. and Minasugbo Inc. sign a lease contract effective on January 1, 2019 where DBP Leasing leases to Minasugbo a bulldozer. The terms and provisions of the lease contract and other pertinent date are as follows: • The term of the lease is five years. The lease agreement is non-cancelable, requiring equal rental payments of P20,711.11 at the beginning of each year (annuity-due basis). • The bulldozer has a fair value at the commencement of the lease of P100,000, an estimated economic life of five years, and a guaranteed residual value of P5,000. (Minasugbo expects that it is probable that the expected value of the residual value at the end of the lease will be greater than the guaranteed amount of P5,000.) • The lease contains no renewal options. The bulldozer reverts to DBP Leasing at the termination of the lease. • Minasugbo's incremental borrowing rate is 5 percent per year. • Minasugbo depreciates its equipment on a straight-line basis.

What is a deductible? A) the maximum amount a policy will pay out in any one year B) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reached C) the amount paid by the policyholder before the insurance policy starts paying on the claim D) the amount paid by the policyholder to the insurer on a regular basis for the policy

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Required: 1-a. Determine Douglas-Roberts's pension expense for 2021 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (Le 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 1 2 3 1 Record annual pension expense Note: Exer debts before credits 4 5 Genet Jumal Det Credit View general journal

Wildhorse Manufacturing Ltd. has signed a lease agreement with Blossom Leasing Inc. to lease some specialized manufacturing equipment. The terms of the lease are as follows The lease is for 5 years commencing January 1, 2023 Wildhorse must pay Blossom $59,445 on January 1 of each year, beginning in 2023 Equipment of this type normally has an economic life of 6 years. Blossom has concluded based on its review of Wildhorse's financial statements, that there is no unusual credit risk in this situation Blossoms will not incur any further costs with regard to this leas Blossom purchases this equipment directly from the manufacturer at a cost of $225,329, and normally sells the equipment for $275,429 Wildhorse's borrowing rate is 7%. Blossom's impiled interest rate is 6%, which is known to Wildhorse at the time of negotiating the lease Wildhorse uses the straight-line method to depreciate similar equipment. Both Wildhorse and Blossom have calendar fiscal years (year end December 31), and…

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A man applied for a Ps. 20,000 whole life policy and paid the full initial premium to the soliciting agent. The agent issued a binding receipt. Under such a receipt, the insurance company A) Offers permanent insurance coverage effective as of the date of the application B) Promises that the insurance coverage will become effective as of the date the application is approved Guarantees the policy will be issued as applied for Immediately provides interim insurance that remains in effect until the policy is issued or the application is declined

Assume that DBP Leasing Corp. and Minasugbo Inc. sign a lease contract effective on January 1, 2019 where DBP Leasing leases to Minasugbo a bulldozer. The terms and provisions of the lease contract and other pertinent date are as follows: The term of the lease is five years. The lease agreement is non-cancelable, requiring equal rental payments of P20,711.11 at the beginning of each year (annuity-due basis).  The bulldozer has a fair value at the commencement of the lease of P100,000, an estimated economic life of five years, and a guaranteed residual value of P5,000. (Minasugbo expects that it is probable that the expected value of the residual value at the end of the lease will be greater than the guaranteed amount of P5,000.) The lease contains no renewal options. The bulldozer reverts to DBP Leasing at the termination of the lease. Minasugbo’s incremental borrowing rate is 5 percent per year. Minasugbo depreciates its equipment on a straight-line basis. DBP Leasing  sets the…

Owefix a. compute the amount of lease receiveable for the leaseb. discusd the bethre of the leasec. prepara an amoritization table for the lessee and lessor

On January 1, 2021, SRTB Company leases a fleet of stock delivery vehicles from Bray Motors, Inc. (Click the icon to view the lease terms.) Requirement a. Classify this lease agreement for both the lessor and the lessee. Begin by computing the present value of the lease payments for the lessee. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculation. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, XXXXXX Round your final answer to the nearest whole dollar.) The present value (PV) of the payments due under the lease is Before we classify the lease for the lessee and lessor, let's begin by identifying any of the Group I criteria that the lease meets. (Select all that apply) 1. The lease transfers ownership to the lessee at the end of the lease term. 2. The lessee is given an option to purchase the asset that the lessee is reasonably certain to…

Current Attempt in Progress The following data are for the pension plan for the employees of Beaufort Company. Accumulated benefit obligation Projected benefit obligation Market-related asset value Plan assets (at fair value) Unrecognized net loss Settlement rate (for year) Expected rate of return (for year) 1/1/17 O $135,300. O $81,700. O $51,800. O $37,600. $7,350,000 7,998,000 7,468,000 7,762,000 0 12/31/17 12/31/18 $7,644,000 $9,996,000 8,232,000 10,689.000 8.350,000 9,014,000 8.820,000 9,901,000 1,450,000 1,490,000 10% 995 9% 8% Beaufort's contribution was $1,247,000 in 2018 and benefits paid were $1.102,000. Beaufort estimates that the average remaining service life is 15 years. The actual return on plan assets in 2018 was $749,700. The unexpected gain on plan assets in 2018 was

What is a premium? A) the amount paid by the policyholder before the insurance policy starts paying on the claim B) the maximum amount a policy will pay out in any one year C) the amount paid by the policyholder to the insurer on a regular basis for the policy D) the amount paid after the deductible has been satisfied and until the out of pocket maximum has been reached

Accounting The Lessor Company leases equipment to the Lessee Company on January 1, 2020. The lease is appropriately recorded as a purchase for accounting purposes for Lessee and as a sale for accounting purposes for Lessor. The lease is for a ten-year period. Equal annual payments under the lease are $30,000 and are due on January 1 of each year. The first payment is made on January 1, 2022. The cost of the equipment on Lessor's accounting records is $100,000. The equipment has an estimated useful life of ten years with no residual value expected. The of interest contemplated by Lessor and Lessee is 9 percent. Assume that the present value of the lease payments equals the market value of the equipment (selling price). Assume this is a sales- type lease. A.Prepare the entry or entries required for Lessor on January 1, 2022. A.Prepare the entry or entries required for Lessor on December 31, 2022. A.Prepare the entry or entries required for Lessor on January 1, 2023. A.Prepare the entry…

49-The lease payment is OMR 11,000 including OMR 500 insurance expense, paid by lessor and recouped from lessee, for a leased asset. What is the journal entry in the books of lessee if it is an operating lease ? a. Lease Rent Expense Debit 10,500 Cash Account Credit 10,500 b. Insurance expense Debit 500; Lease rental expense account Debit 10,500; Cash Account Credit OMR 11,000 c. Lease Rent Expense Debit 11,000 Cash Account Credit 11,000 d. None of these Clear my choice

When is a home considered under contract? When the buyer qualifies for a loan When the seller and buyer have signed the offer When the buyer signs the seller's offer When the 10-day option period is over

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How much is the defined benefit obligation on December 31, 2019? What is the amount of overfunding (underfunding) in the retirement cost for 2019? Defined benefit liability at December 31, 2019 statement of financial position is?

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