On January 1, 2024, Gravel Incorporated leased construction equipment from Rocky Mountain Leasing. Rocky Mountain Leasing purchased the equipment from Bishop Incorporated at a cost of $2,031,295. Gravel's borrowing rate for similar transactions is 10% The lease agreement specified four annual payments of $424,000 beginning January 1, 2024, the beginning of the lease, and at each December 31 thereafter through 2026. The useful life of the equipment is estimated to be six years. The present value of those four payments at a discount rate of 10% is $1,478,424 On January 1, 2026 (after two years and three payments). Gravel and Rocky Mountain agreed to extend the lease term by two years. The market rate of interest at that time was 9% Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of S1) Required: 1. Prepare the appropriate journal entries for Gravel Incorporated on January 1, 2026, to adjust its lease liability for the lease modification 2. Prepare all appropriate journal entries for Rocky Mountain Leasing on January 1, 2026, to record the lease modification. 3. Prepare all appropriate journal entries for Gravel Incorporated on December 31, 2026, related to the lease. 4. Prepare all appropriate journal entries for Rocky Mountain Leasing on December 31, 2026, related to the lease.

What is APR?

Can you answer part E of this qu

3. What is the NAV?

Define cardinality.

Describe EVA.

Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800

is thsi correct?