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intermediate accounting

Questions and Answers of Intermediate Accounting

Crabtree Products. Inc. leases machinery to Beane Poll Enterprises. The machinery is not specialized. The lease is for 3 years requiring payments of $22,500 at the beginning of each lease year (April
Walker Power Washing Services. Inc. leases nonspecialized equipment from McCoy Equipment. The lease term is 3 years with no renewal or purchase options. and little to the underlying asset is retained
Use the information from P18-9 to complete the following requirements.Data from P18-9Lori-Ann Fashions, Inc., entered into a 5-year lease with Krishnan Rentals to use equipment. The economic life of
Lori-Ann Fashions, Inc., entered into a 5-year lease with Krishnan Rentals to use equipment. The economic life of the equipment is 30 years. The equipment had a fair value of $8,500,000. Lori-Ann has
Barisi Equipment Company leases nonspecialized cutting machinery to Bastone. Inc. over a 4 -year term. The lease commencement date is January 1, 2019. The first payment is due on January 1, 2019. The
On May 1, 2018, Gia Equipment Manufacturers (GEM) agreed to lease nonspecialized machinery to Jason Associates. GEM paid $2,000,000 to produce the machine and carries it at this amount in its
On January 1, 2018, Moorecraft Finance Company agreed to lease a piece of machinery to Ward Construction Products, Inc. Moorecraft paid $1,554,516 to acquire the machine from the manufacturer and
Using the same information as found in P18-4, assume that the lease contains a guaranteed residual value of $15.000. The lessee guarantees the residual value.Data from P18-4On January 1, 2018. JLOU
On January 1, 2018. JLOU Company leases a fleet of stock delivery vehicles from Dolt Motors, Inc. Under the terms of the lease, JLOU must pay $65,000 on January 1 of each year, beginning on January
Florida Energy Restoration, Ltd. (FER) enters into a lease agreement on January 1, 2018, to lease standard power generators from R&R Electric, Inc. The terms of the lease follow.• The term of
On January 1, 2018, the lease commencement dare, Curran Manufacturing Corporation (CMC) agreed t o lease a piece of nonspecialized, heavy equipment to Oates Products, Inc. CMC paid $900,000 to
Plash Photo Company leased a digital reproduction machine on January 1, 2019. The following information was obtained from the lease contract;• The lease carries a term of 5 years. There is no
Using the information provided in E18-20. assume now that Beachmont provides a guarantee of the residual value of $7,000 that will cover any unrecovered fair value by the lessor.Data from
Beachmont Restaurants, Inc. enters into a lease for standard stoves and grills. The lease term is 3 years with no renewal or purchase options. There is no residual value guarantee. and the lease
Cardillo Capital enters into a lease agreement with Vincent Motors to lease a delivery van with a fair value of $55,000 under a 36-month (3-year) lease. The van has an estimated useful life of 8
True Image Copier Company leases a multi function copier to Fabach incorporated. The lease terms is 4 years with no renewal options; the economic life of the copier is 7 years. The fair value of the
Mr. Kay Food Man Incorporated lessee. enters into a lease agreement on July 1, 2018, to lease nonspecialized mobile refrigeration equipment from Pollet Products. The cost of the equipment to Pollet
Using the information provided in E18-15, assume now that Stewart Standard and Kane Kite are IFRS reporters.Data from E18-15On January 1, 2019, Kane Kite Company leased a nonspecialized
On January 1, 2019, Kane Kite Company leased a nonspecialized fabric-culling machine from Stewart Standard, Inc. Under the terms of the lease, Kane Kite must pay $200,000 on January 1 of each year,
Carrie-Ann Fashions, Inc, entered into a 5-year lease with Reese Rentals to occupy an office building. The economic life of the building is 30 years. The building had a fair value of $8,500,000 and
Seal Container Corporation (SCC) signed a lease agreement on January 1, 2018. to lease new forklift equipment. The terms of the lease follow.• The lease has a terms of 10 years. There are no
Vanity Jewelers Incorporated signed a lease agreement on July 1, 2020, to lease diamond-polishing equipment from Whitehead Industries. The following information is relevant to the lease agreement.The
On January 1, 2018, Lima Leasing Company (LLC) acquired a n airplane to be leased to LA Sky Company. LLC paid $950,000 to acquire the plane, which is also its fair value. The lease terms follow.•
On January 1, 2018. Temple Leasing Company (TLC) acquired a fleet of stock vehicles to be leased to Delaware River Company. TLC paid $275,000 to acquire the vehicles, which is also the fair value of
Assume that Bergamini Builders leases medical equipment from Saint Martin's Machine Company. The lease term is for 7 years, and Bergamini must pay seven annual rentals of $40,000 beginning on January
Using the same information presented in E18-7. complete the following requirements:E18-7.On January 1. Gump Sales Company entered into an agreement to lease a piece of machinery for a period of 5
On January 1. Gump Sales Company entered into an agreement to lease a piece of machinery for a period of 5 years from Smokey Boy Equipment (SBE). The machine is not specialized for Gump's business
Fontana Company enters into a lease agreement on January 1, 2017, for nonspecialized equipment leased by Mind bender Insurance Company. The following data are relevant to the lease agreement:• The
On January 1, 2019, Holt National Bank (HNB) acquired a fleet of trucks to be leased to J Rivers Company. HNB paid $105,000 to acquire the vehicles. which is also the fair value of the fleet. The
Caye Comfon, me. manufactures a complete line of beds. cots, and Futons. Caye Comfon leases a spring fabricating machine from Stein Spring Company for 3 years with no renewal or purchase options. The
BabyClothing (BC) Enterprises leases digital imaging equipment from Sally Systems Leasing. The lease term is for 3 years and the economic life of the equipment is 5 years. The lease contract does not
Using the same facts as included in E18-1. now assume that the variable payments cannot be less than $2,000 per year.Data from E18-1SouthSide Services leases several computer servers from Sharpe
SouthSide Services leases several computer servers from Sharpe Computing Company. The lease agreement includes consulting and training updates. The standalone prices charged by Sharpe for each
Aviata Products, lnc., leases a high-capacity printer from Dewey Office Services for $4.200. The original cost of the primer was $4.900. Under the terms of the agreement. Aviata will make even
Morris Products, Inc. leases several copy machines from Stanley Office Services. Under the terms of the agreement. Morris will pay rentals of$ 800 per month for an 11 month period. Morris elects to
Assume that you are given the following information for a 5-year lease (with payments due on January 1 of each year):The lease payments are $60,000 per year.The fair value of the underlying asset is
Assume that Anderson Associates, Inc., leases conference and training facilities from The Learning Company. Anderson will conduct training seminars for the claims at the leased space. The lease
Assume that Sting Stores leases office space from Ramona Really for $15,000 per month. According to the terms of the lease, monthly rentals will increase by the annual increase in the Consumer Price
VJ Leasing Company recently leased machinery to Berg Building Associates. The 5-year lease contract requires rental payments of $20,000 on January 1 of each year. The lease meets at least one of the
Assume that Imprescia Industries leases machinery for 3 years with fixed rentals of $8,000 per year. The agreement also requires that lmprese a purchase consumables (such as lubrication, drive bells.
Repeat E16-21 assuming that Gretta measures the debt security at fair value through OCI. Assume for simplicity that the carrying value is not reduced by amortization during 2017; thus, the carrying
Hill view Homes, Ltd. granted options at the beginning of the current year to all its salaried employees. At the grant date, the options had a fair value of $900,000 and can be exercised only over a
In deliberating on ASU 2016-02. Leases, the Board debated several methods for lease classification. What did the Board decide and why? What other methods did they consider and why did they not choose
In the text, we discussed the practical, step-by-step approach for the subsequent measurement of an operating lease for the lessee. However, that exact approach is not specified by the Codification.
IFRS accounts for all leases in the same way (for the lessee), but U.S. GAAP measures lease-related expenses and the right-of-use asset for operating leases (lessee) differently than for finance
On January 1, 2019 (lease inception date). Tofootles Company leases a piece of equipment from ABC Leasing Company. The lease term is for 4 years with the first payment of $1,000 due on January 1,
You are reviewing the financial statements of Trident Incorporated and observed that Trident entered into a significant operating lease for office equipment at the end of the current year. Because
On January 1, 2019, Lessee Company leased a piece of machinery from Lessor Bank. The machinery could also be used by other parties. The 14-year lease requires payments of $250,000 due at the
The lease rules discussed in this chapter have an effective date for fiscal years beginning after December 15, 2018. Under U.S. GAAP, the classification rules that were effective before that date are
Repeal the requirements of BE 18-9 for the lessor, Perry Leasing assuming that Perry is an IFRS reporter. Perry is not a dealer.Data from BE 18-9Jenkins Manufacturing Company leased a piece of
Deane Company leases office space from Blossom Building Associates for a term of 20 years in order to expand its operations into the sou them region of the state. The office space includes the use of
Bischoff Enterprises leases office space from Kally-Mack Properties for a term of 30 year's. The office space that is available will permit the use of existing office equipment and computer
Frankel Forges, Inc., an IFRS reporter, leases a high-capacity forge from Bleake Metal Works Company for total lease payments of $4,200, which is the fair value of the asset. Under the terms of the
DC Products, Inc. leases several copy machines from Avenue Office Services. Under the terms of the agreement, DC will pay rentals of $1,000 per month for an eight-month period. The journal entry made
You are given the following information for a 4-year lease, with $65,000 payments due at the beginning of each year. The fair value of the underlying asset is $250,000 and the deferred initial
Lowe Leasing Company recently leased machinery to Amina Associates. The 8-year lease contract requires rental payments of $11,000 at the beginning of each year. The lease meets at least one of the
Insight Corporation leases equipment for 5 years with annual rentals o f $2,000 per year. The agreement also requires that Insight purchase supplies such as oil. fasteners, and filters directly from
Zhou Systems signed a 5-year lease at the beginning of the current year. The leased equipment is from standard dealer stock and has an economic life of 8 years and a fair value of $ 21,500. Under the
Baxter Brothers, Inc. enters into a four-year equipment lease with annual payments of $ 700 per year. The lease payments are due at the beginning of each year. The implicit rate of interest is 5% and
What types of payments are included in variable lease payments? How are variable lease payments treated in accounting for leases?
In a direct financing lease, does a lessor always report selling profit or loss on the sale of the leased asset at the lease commencement date? Explain.
How does the lessor measure the net investment in the lease for a lease classified as a sales-type lease?
What are the lessee's accounting and reporting requirements for the subsequent measurement of the lease transaction if a lease is classified as a finance lease?
What are the lessee's accounting and reporting requirements for the initial measurement of the lease transaction if a lease is classified as a finance lease?
What is the accounting treatment for initial direct costs the lessor pays?
What are the lessee's accounting and reporting requirements for the subsequent measurement of the lease transaction if a lease is classified as an operating lease?
What are the lessee's accounting and reporting requirements for the initial measurement of the lease transaction if a lease is classified as an operating lease?
What is the lessee's short-term lease policy election?
How does a lessee measure the lease liability?
What types of expenditures are included in initial direct costs paid by the lessee?
What is reported by a lessee under a lease when the lessee makes the short-term lease policy election?
What does the lessor report on the income statement wider an operating lease?
How does the probability of the collection of the lease payments and guaranteed residual value affect the net investment in lease by the lessor?
How does a guaranteed residual value affect the lease accounting for the lessor and the lessee?
What elements are included in the total lease payments?
What are the criteria for a lessee to report a finance lease?
Does a lessee have an option not to separate lease and nonlease components?
How does a lessor separate lease and nonlease components?
How does a lessee separate lease and nonlease components?
What components are included in a lease contract?
How is the right-of-use asset measured?
Over what time period does the lessee amortize the leased asset transferred by the lessor?
How does a lease offer business and financial flexibility for the lessee?
What are typical terms and provisions in a lease contract?
Who bears the risk of obsolescence in a lease transaction?
Repeat E16-23 assuming that Regal Inc. reports under IFRS.Data from E16-23Regal Inc., a U.S. GAAP reporter, holds an equity investment with a carrying value of $107,250. This investment is not
Regal Inc., a U.S. GAAP reporter, holds an equity investment with a carrying value of $107,250. This investment is not publicly traded and Regal has elected to carry it at adjusted cost. At December
Simply Syrup Incorporated, a maple syrup maker, reported the following events causing differences between pretax accounting income and taxable income during its first full year or operations:In 2018,
CPF Corporation reported the following results for its first 3 years of operation:Description _____
In 2018, its first year of operations, Genius Corp. had a $700.000 net operating loss when the tax rate was 30%. There are no differences between book (GAAP) income and taxable income. In 2018, the
Michael's Incorporated reported the following tax information for its first 3 years of operations.Assume that in 2018, there are no uncertainties regarding the realization of the NOL carryforward
Andrew, Inc. provides DJ services for corporate parties. Andrew reported a net operating loss of $750,000 on its 2018 tax return. During the 3 preceding years, Andrew had taxable income and paid
The following information is available for the first 4 years of operations for Shooting Star Corporation:On January 2, 2018, the firm acquired heavy equipment costing $200,000 in a cash transaction.
Early in 2018, Bicycle Messenger Service Corporation (BMSC) purchased a multi-line/multi-function telephone system at a cost of $50,000. At that time, BMSC estimated that the system had a useful life
How would your answer to BE17-20 change if Year 1 income were equal to $100,000?Data from BE17-20W. Pickett Fence Company incurred a net loss for Year 3. The firm does not have any book-tax
Errol Toys. Inc. recorded book income of $240,000 in 2016. It does not have any permanent differences. and the only temporary difference relates to a $12,000 warranty expense that it recorded for
Finer Shoes Company recorded book income of $120,000 in 2016. It does not have any permanent differences. and the only temporary difference relates to a $60,000 installment sale that it recorded for
Mulligan Company carries an equity investment of a privately held company. Mulligan elected to measure this equity security without a readily determinable fair value at adjusted cost. The current
Metia Company purchased a debt investment in 2016 and classified it as held to maturity. The carrying value on December 31, 2016, is $250,000. At December 31, 2016, the fair value of the investment
Repeat P16-8 assuming that Pugh Company is an IFRS reporter and would like to elect to report the investment at fair value through other comprehensive income if it qualifies for this treatment. Pugh

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