Jana Kingston Corporation enters into a lease on January 1, 2012, that does not transfer ownership or
Question:
Jana Kingston Corporation enters into a lease on January 1, 2012, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipment’s 8-year useful life, and the present value of the minimum lease payments is less than 90% of the fair value of the asset leased. Prepare Jana Kingston’s journal entry to record its January 1, 2012, annual lease payment of $35,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 78% (14 reviews)
The journal entry to record J...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0.00
0 Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Jana Kingston Corporation enters into a lease on January 1, 2011, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipments 8-year useful life, and...
-
Jana Kingston Corporation enters into a lease on January 1, 2011, that does not transfer ownership or contain a bargain-purchase option. It covers 3 years of the equipments 8-year useful life, and...
-
Jana Corporation enters into a lease on January 1, 2008, that does not transfer ownership or contain a bargain purchase option. It covers 3 years of the equipments 8-year useful life, and the present...
-
Tony acquired 1,000 shares in X Co (a resident public company) for $10 each in August 2000. In January this year X Co returned $7 of capital to its shareholder in respect to each share they held. The...
-
Consider the following data that represent the commute distances for students who attend Emory University: a. Determine the 80th percentile. b. Determine numbers that are the 25th and 75th...
-
The smooth uniform rod AB is supported by a ball-and-socket joint at A, the wall at B, and cable BC. Determine the components of reaction at A, the tension in the cable, and the normal reaction at B...
-
Find the autocorrelation functions of the periodic functions shown in Fig. 14.24. x(t) 0 -xo (a) x(1) x0 (b) FIGURE 14.24 Periodic function of Problem 14.7.
-
Jones Co. is in a technology-intensive industry. Recently, one of its competitors introduced a new product with technology that might render obsolete some of Joness inventory. The accounting staff...
-
On August 3, Cinco Construction purchased special-purpose equipment at a cost of $4,700,000. The useful life of the equipment was estimated to be eight years, with an estimated residual value of...
-
Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put...
-
Calculate the frequency of molecular collisions per square centimetre of surface in a vessel containing (a) Hydrogen, (b) Propane at 25C when the pressure is (i) 100 Pa, (ii) 0.10 Torr.
-
Assume that IBM leased equipment that was carried at a cost of $150,000 to Sharon Swander Company. The term of the lease is 6 years beginning January 1, 2012, with equal rental payments of $30,044 at...
-
The air temperature and the velocity of the air have different values at different places in the earths atmosphere. Is the air velocity a vector field? Why or why not? Is the air temperature a vector...
-
Larned Recreational builds two models of dune buggies: Sport and Custom. Both models require the same assembly and finishing process and are assembled in the same factory. They differ in the quality...
-
What does the industry - based view focus on ? Government and societal forces . The firm's internal strengths and weakness . ABC The firm's competitive forces within an industry that impact all firms...
-
Mechanics: 1. Think of 5 products with problems that you use or those already available in the Philippine Market. 2. Include the product image/picture and describe the problem with each product in 3...
-
write a project Essay about microeconomics.? Quantity demanded: Determinants of demand Shifts in demand curve, etc. Demand for another product: Quantity demanded Determinants of demand Shifts in...
-
Using at least 5 references compare intergenerational income mobility in Ethiopia and US (developing and developed economies). What are the main factors that affect that intergenerational income...
-
Fill in the details leading to (3.36) and (3.37) as the eigen functions and eigenvalues of px In 3.36 g = Aeikx/h In 3.37 (- < k )
-
The Higher the time period of the financial security the higher the. ............... risk. O a. Maturity O b. Default and Maturity Oc. Default O d. Liquidity
-
On January 10, 2011, Delta Corporation acquired 12,000 shares of the outstanding common stock of Kennedy Company for $600,000. At the time of purchase, Kennedy Company had outstanding 48,000 shares...
-
Alpha Co. acquired 20,000 shares of Beta Co. on January 1, 2010, at $12 per share. Beta Co. had 80,000 shares outstanding with a book value of $800,000. The difference between the book value and fair...
-
On January 3, 2011, McDonald Inc. purchased 40% of the outstanding common stock of Old Farms Co., paying $128,000 when the book value of the net assets of Old Farms equaled $250,000. The difference...
-
Wimble Ltd had $400 million of debt outstanding at an interest rate of 9% and $600 million of equity (market value) outstanding. Wimble is subject to a 30% corporate tax rate. What is the amount of...
-
explain and comments thies pints Has existed for a long time One of the original fast-food establishments High standing Commonly recognized for its root beer. With high-quality cuisine Markets to...
-
12 Stiler XYZ currently has an enterprise value of $600 million, 20 million shares outstanding, $200 million in excess cash and no debt. Assuming XYZ uses its excess cash to repurchase shares, and...
Study smarter with the SolutionInn App