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- On January 1, 2024, Rick's Pawn Shop leased a truck from Corey Motors for a six-year period with an option to extend the lease for three years. Rick's had no significant economic incentive as of the beginning of the lease to exercise the three-year extension option. Annual lease payments are $24,000 due on December 31 of each year, calculated by the lessor using a 7% discount rate. ⚫The expected useful life of the asset is nine years, and its fair value is $180,000. Assume that at the beginning of the third year, January 1, 2026, Rick's had made significant improvements to the truck whose cost could be recovered only if it exercises the extension option, creating an expectation that extension of the lease was "reasonably certain." .The relevant interest rate at that time was 8%. Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. FVA of $1. PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Prepare the journal entry, if any, on January 1 and on December 31 of the…View Policies Show Attempt History Current Attempt in Progress The following information is available for Coronado Corporation for 2020. Depreciation reported on the tax return exceeded depreciation reported on the income statement by $114,000. This difference will reverse in equal amounts of $28,500 over the years 2021-2024. 1. 2. Interest received on municipal bonds was $10,200. Rent collected in advance on January 1, 2020, totaled $61,800 for a 3-year period. Of this amount, $41,200 was reported as unearned at December 31, 2020, for book purposes. 3. 4. The tax rates are 40% for 2020 and 35% for 2021 and subsequent years. 5. Income taxes of $308,000 are due per the tax return for 2020. 6. No deferred taxes existed at the beginning of 2020.You are the new accounting manager at the Barry Transport Company. Your CFO has asked you to provide input on the company's income tax position based on the following: 1. Pretax accounting income was $70 million and taxable income was $8 million for the year ended December 31, 2018. 2. The difference was due to three items: a. Tax depreciation exceeds book depreciation by $60 million in 2018 for the business complex acquired that year. This amount is scheduled to be $80 million in 2019 and to reverse as ($70 million) and ($70 million) in 2020, and 2021, respectively. b. Insurance of $8 million was paid in 2018 for 2019 coverage. C. A $6 million loss contingency was accrued in 2018, to be paid in 2020. 3. No temporary differences existed at the beginning of 2018. 4. The tax rate is 40%. Required: 1. Determine the amounts necessary to record income taxes for 2018 and prepare the appropriate journal entry. 2. Assume the enacted federal income tax law specifies that the tax rate will…
- Answer the following questions that are related to the following Interest Payable T-account: February transactions Debit Req A Required: a. What is the amount of the February 28 adjustment? b. What account would most likely have been credited for the amount of the February transactions? c. What account would most likely have been debited for the amount of the February 28 adjustment? d. Why would this adjusting entry have been made? Complete this question by entering your answers in the tabs below. Req B to D Interest Payable Debit February transactions What is the amount of the February 28 adjustment? February 28 adjustment Req A February 1 balance 1,500 February 28 adjustment February 28 balance 4 Req B to D www February 1 balance 1,500 February 28 adjustment February 28 balance. Credit Complete this question by entering your answers in the tabs below. Navt b. What account would most likely have been credited for the amount of the February transactions? c. What account would most…Which of the following are items which are likely to need an accrual adjustment at the year end? Select one: A. Motor vehicles B. Bank O C. Interest received O D. Sales*see attached In its income statement for the year ended June 30, 20x1, what amount should Oren report as rent expense?a. P 10,000b. P 10,500c. P 40,000d. P 50,000
- 1. Calculate Ingrid's balance in accounts receivable on December 31, 2019, prior to the adjustment. $ 838,000 x 2. Calculate Ingrid's balance in allowance for doubtful accounts on December 31, 2019, prior to the adjustment. $ Feedback VCheck My Work 1. and 2. Using T-accounts, start with the balance at the beginning of the year and make the necessary debits and/or credits for the transactions that occurred during the year. 3. Prepare the necessary adjusting entry for 2019. Bad Debt Expense 478,000 X Allowance for Doubtful Accounts 7,900LTI Post Attend cengage lo * CengageNO M Reset your E Homework com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpr.. Chart of Accounts General Journal Instructions Delmarva Company, during its first year of operations in 2020, reported taxable income of $170,000 and pretax financial income of $100,000. The differenc between taxable income and pretax financial income was caused by two timing differences: excess depreciation on tax return, $70,000; and warranty expenses in excess of warranty payments, $40,000. These two timing differences will reverse in the next three years as follows: Year Depreciation Warranty Expenses 2021 $10,000 $20,000 2022 20,000 16,000 2023 40,000 4,000 Enacted tax rates are 30% for 2020, 35% for 2021 and 2022, and 40% for 2023. Required:Required B: What is the principal balance on January 1, Year 2? (Round intermediate calculations to the nearest whole dollar amount. Round your answer to the nearest dollar amount.) Required C: What portion of the December 31, Year 2, payment is applied to interest expense and principal? (Round intermediate calculations to nearest whole dollar amount. Round your answers to the nearest dollar amount.) Interest expense: Principle:
- Answer the following and show your Complete Solution. Find the actual time from October 5, 2019 to December 11, 2019a. 98 daysb. 97 daysc. 79 daysd. 87 days Which of the following are NOT true?I. Principal is the money given or paid invested in the origin dateII. Origin date is a date on which money is paid by the borrower.III. Interest is an amount or earned for the use of the moneyIV. Simple Interest is an interest that is computed on the principal and then added to it.Just In Co. issues 500,000 SARS units to its eight-member top management group. These SARS allow the managers to receive a cash payment after holding the SARS for five years. The SARS vest on the payment date. The value of the SARSS is calculated as the difference between the $34 per share fair market value of common shares on the date the SARS were issued and the fair market value on the date of payment. The company estimates that six of eight managers will remain with the company over the five-year period. This estimate remains unchanged over the first four years. One manager leaves after Year 2, one after Year 3, and one in Year 5, so that only five managers were paid at the end of Year 5. The fair value of one SARS unit was estimated using a valuation model and was, $17; and in Year 5, the actual market price of common shares was $53. the end of Year 1, $4; Year 2, $1; Year 3, $2; Year 4, Required: 1. Not available in Connect. 2. How much compensation expense would be recorded in…What amount of rental revenue should be reported in the income statement for the year ended September 30, 2021? *a. 2,400,000b. 1,200,000c. 1,800,000d. 900,000