on december 31, 2013, rhone-metro industries leased equipment to western soya col. for a four-year period ending december 311, 2017, at which time possession the leased asset will revert back to rhone-metro. the equipment cost rhone-metro $365760 and has an expected useful life of six years. its normal sales price is $365760.the lessee-guaranteed residual value at december 31, 2017, is $25,000. equal payments under the lease are $100,000 and are due on december 31 of each year. the first payment was made on december 31, 2013. collectibility of the remaining lease payment is reasonably assured, and rhone-metro has no material cost uncertainties. western soya's incremental borrowing rate is 12%. western soya knows the interest rate implicit in the lease payments in 10%. both companies us straight-line depreciation.
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