QUESTION: TURQUOISE REALTY COMPANY OWNS AN APARTMENT HOUSE THAT HAS AN ADJUSTED BASIS OF $760,000 BUT IS SUBJECT TO A MORTGAGE OF $192,000. TURQUOISE TRANSFERS THE APARTMENT HOUSE TO DOVE, INC., AND RECEIVES FROM DOVE $120,000 IN CASH AND AN OFFICE BUILDING WITH A FAIR MARKET VALUE OF $780,000 AT THE TIME OF THE EXCHANGE. DOVE ASSUMES THE $192,000 MORTGAGE ON THE APARTMENT HOUSE. THE BASIS OF THE NEWLY ACQUIRED OFFICE BUILDING IS:

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33. Subject :- Accounting

4...new... b... Bonita Leasing Company agrees to lease equipment to Windsor Corporation on January 1, 2020. The following information relates to the lease agreement. 1.   The term of the lease is 7 years with no renewal option, and the machinery has an estimated economic life of 9 years. 2.   The cost of the machinery is $559,000, and the fair value of the asset on January 1, 2020, is $724,000. 3.   At the end of the lease term, the asset reverts to the lessor and has a guaranteed residual value of $60,000. Windsor estimates that the expected residual value at the end of the lease term will be 60,000. Windsor amortizes all of its leased equipment on a straight-line basis. 4.   The lease agreement requires equal annual rental payments, beginning on January 1, 2020. 5.   The collectibility of the lease payments is probable. 6.   Bonita desires a 10% rate of return on its investments. Windsor’s incremental borrowing ra Calculate the amount of the annual rental payment…

Assume that on December 31, 2024, Kimberly-Clark Corp. signs a 10-year, non-cancelable lease agreement to lease a storage building from Sandhill Storage Company. The following information pertains to this lease agreement. 1. The agreement requires equal rental payments of $66.999 beginning on December 31, 2024. 2. The fair value of the building on December 31, 2024, is $490,629. 3. 4. 5. The building has an estimated economic life of 12 years, a guaranteed residual value of $11,000, and an expected residual value of $8,100. Kimberly-Clark depreciates similar buildings on the straight-line method. The lease is nonrenewable. At the termination of the lease, the building reverts to the lessor. Kimberly-Clark's incremental borrowing rate is 8% per year. The lessor's implicit rate is not known by Kimberly-Clark Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided) (a) Your answer is partially correct. Prepare the journal…

Edison Leasing leased high-tech electronic equipment to Manufacturers Southern on January 1, 2021. Edison purchased the equipment from International Machines at a cost of $112,080. (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.) Related Information: Lease term Quarterly rental payments Economic life of asset Fair value of asset Implicit interest rate (Also lessee's incremental borrowing rate) 2 years (8 quarterly periods) $15,000 at the beginning of each period 2 years $112,080 88 Required: Prepare a lease amortization schedule and appropriate entries for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31. Complete this question by entering your answers in the tabs below. Amort Schedule General Journal Prepare a lease amortization schedule for Edison Leasing from the beginning of the lease through January 1, 2022. Edison's fiscal year ends December 31.…

Determine the income to be reported by ML partnership in 2020 assuming the company opted to report income from improvement using the spread-out method. (PHILIPPINES)

Firm PO and Corporation QR exchanged the following business real estate: Marvin Gardens (exchanged by PO) $ 1,040,000 (715,000) 325,000 $ FMV Mortgage Equity $ Required A Required B Required: a. If PO's adjusted basis in Marvin Gardens was $403,000, compute PO's realized gain, recognized gain, and basis in Boardwalk. b. If QR's adjusted basis in Boardwalk was $78,000, compute QR's realized gain, recognized gain, and basis in Marvin Gardens. Boardwalk (exchanged Complete this question by entering your answers in the tabs below. Realized gain Recognized gain Basis $ by QR) 325,000 -0- 325,000 If PO's adjusted basis in Marvin Gardens was $403,000, compute PO's realized gain, recognized gain, and basis in Boardwalk. Amount

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Suraya wants to Buy a building. He went to apply financing with standard chartered. After proper assessment, standard chartered bank provides a financing facility under Murabahah to the Purchase Orderer principle. Financing amount: RM800,000 Rate of return: 8.2% Financing tenure: 10 years At the end of the contract, Suraya still has an outstanding amount of RM40,000. As part of condition of the Murabahah contract, Suraya will be charged an annual penalty fee of 4% for any outstanding amount due and the amount will be donated to charitable organisation. Question: (a) Record journal entries to record all of the above transactions in standard chartered bank's books (Please show your workings/calculations).