Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers' boats. Lucky Fisher Fleet contracted with Warren to provide space for four of its fishing boats. The contract specifies that Lucky Fisher's boats will be kept in identified slips in the marina. The agreement includes the requirement that Warren provide 45-foot slips per boat for a three-year period, space that Lucky Fisher can modify with fenders, docklines, and equipment needed to conduct its fishing business. Warren cannot switch locations of the boats or modify the slips without Lucky Fisher's consent. Lucky Fisher paid $19,000 on March 1, 2024, for the first year's accommodations. The market rate of Interest is 7%. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Prepare the appropriate entry(s) for Lucky Fisher Fleet at March 1, the commencement of the agreement. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Round your final answers to the nearest whole dollar amount. View transaction list Journal entry worksheet < 1 2 Record the journal entry needed at commencement of the lease. Note: Enter debits before credits. Date March 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers' boats. Lucky Fisher Fleet contracted with Warren to provide space for four of its fishing boats. The contract specifies that Lucky Fisher's boats will be kept in identified slips in the marina. The agreement includes the requirement that Warren provide 45-foot slips per boat for a three-year period, space that Lucky Fisher can modify with fenders, docklines, and equipment needed to conduct its fishing business. Warren cannot switch locations of the boats or modify the slips without Lucky Fisher's consent. Lucky Fisher paid $19,000 on March 1, 2024, for the first year's accommodations. The market rate of Interest is 7%. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: Prepare the appropriate entry(s) for Lucky Fisher Fleet at March 1, the commencement of the agreement. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Round your final answers to the nearest whole dollar amount. View transaction list Journal entry worksheet < 1 2 Record the journal entry needed at commencement of the lease. Note: Enter debits before credits. Date March 01, 2024 General Journal Debit Credit Record entry Clear entry View general journal
Expert Answer:
Answer rating: 100% (QA)
The appropriate journal entry for Lucky Fisher Fleet at March 1 2024 th... View the full answer
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers boats. Lucky Fisher Fleet contracted...
-
The yields of nine batches of a chemical process were measured and a sample mean of 2.843 and a sample standard deviation of 0.150 were obtained. The experimenter presented a confidence interval of...
-
A playground merry-go-round (see Fig. 8.5), made in the shape of a solid disk, has a diameter of 2.50 m and a mass of 350.0 kg. Two children, each of mass 30.0 kg, sit on opposite sides at the edge...
-
In the figure the monthly average temperature in degrees Fahrenheit from January to December in Minneapolis is modeled by a polynomial function f, where x = 1 corresponds to January and x = 12 to...
-
In 2014, political consulting firm Cambridge Analytica developed an app designed to create digital profiles of individuals via their information. Cambridge Analytica collected the data by inviting...
-
The manager of Able Car Inspection reviewed his monthly operating costs for the past year. His costs ranged from $4,000 for 1,000 inspections to $3,600 for 600 inspections. Requirements 1. Calculate...
-
The position of an object connected to a spring varies with time according to the expression x = (4.3 cm) sin(8.2t). (a) Find the period of this motion. (b) Find the frequency of the motion. Hz (c)...
-
What we will have after we use next code: var a = 5; var b = 2; var func = (function f() {return a+b;}, function g() {return 23;})(); typeof typeof func; 1. 23. 2. number. 3. string. 4. Message about...
-
2) Clifton's Parks and Recreation Department is introducing a new summer day camp for children in elementary school, providing programming from 8:00 a.m. to 5:00 p.m. Monday through Friday. The...
-
Competition is most influential external factors on any company in the industry. In the above table, your group has been assigned to one of the automakers as your group's client. You and your group...
-
What is the basic accounting entry for an initial revaluation decrease of a non depreciable asset ?Explain
-
It's hard to miss the ads on TV for reverse mortgages. Over the last few years, almost every "senior" actor has made ads promoting these loans. Currently, Tom Selleck seems to be the most prominent....
-
Critically discuss the factors that must be considered by contractors when deciding to develop a proposal. (16) 2.2 Describe three (3) three key factors that the contractor should highlight in the...
-
Atlantic Airlines issued $100 million in bonds in 2008. Because of the firm's low credit rating (B3), the bonds were considered to be junk bonds. At the time of issue, the 20 year bonds were paying a...
-
One of the significant and relevant accounts for this cycle is equipment. For this account, what would typically be the most relevant assertions for the auditor to consider? Why is it important for...
-
Select the statement that best describes organizational versus organized crime: 1. Organizational and organized crime are essentially the sameboth center on crimes committed by organizations. 2. Some...
-
Three people check into a hotel. They pay $30 to the manager and go to their room. The manager suddenly remembers that the room rate is $25 and gives $5 to the bellboy to return to the people. On the...
-
A scientist has two bucketsone holds 4 gallons and the other holds 5 gallonsas well as an unlimited water supply. By using nothing but the buckets and water, how can you accurately measure 3 gallons...
Study smarter with the SolutionInn App