00 8 4 points Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. record the lease liability on January 1, 2021, before any lease payments are made? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Johnstone needs to accumulate sufficient funds to pay a $480,000 debt that comes due on December 31, 2026. The company will accumulate the funds by making five equal annual deposits to an account paying 5% interest compounded annually. Determine the required annual deposit if the first deposit is made on December 31, 2021. (Round your final answers to nearest whole dollar amount.) Show less Table or calculator function: Future Value: FVA of $1 $ 480,000 n = 5 i= 5% Annual deposit $ 86,868 < Required 1 Required 3 > Return to question 00 8 Return to question Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. record the lease liability on January 1, 2021, before any lease payments are made? 4 points Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 On January 1, 2021, Johnstone leased an office building. Terms of the lease require Johnstone to make 20 annual lease payments of $128,000 beginning on January 1, 2021. A 10% interest rate is implicit in the lease agreement. At what amount should Johnstone record the lease liability on January 1, 2021, before any lease payments are made? (Round your final answers to nearest whole dollar amount.) Show less Table or calculator function: Payment: FV of $1 Liability: n = i= $ 128,000 20 10% $ 7,331,200 < Required 2 Required 3 3 3 points Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Exercise 5-5 (Algo) Solving for unknowns; single amounts [LO5-4] Return to question For each of the following situations involving single amounts, solve for the unknown. Assume that interest is compounded annually. (i= interest rate, and n = number of years) (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. Round your final answers to nearest whole dollar amount.) Answer is complete but not entirely correct. Present Value Future i Value 1. $ 51,008 $ 62,000 5.0% 4 2. $ 28,644 $ 76,000 14.0% 20 3. $ 11,758 $ 45,500 7.0% 11 x 4. $ 68,822 $ 155,000 0.1% 12 5. $ 13,796 $ 29,785 8.0% 10 Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 10 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 4 points Required 1 Required 2 Required 3 John Jamison wants to accumulate $63,968 for a down payment on a small business. He will invest $32,000 today in a bank account paying 8% interest compounded annually. Approximately how long will it take John to reach his goal? (Do not round intermediate calculations. Round the value of "n" to the nearest whole number.) Present Value: Future Value $ 32,000 n = 9 = 8% $ 2 < Required 1 Required 2 > Return to question Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. 10 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. 4 points Required 1 Required 2 Required 3 The Jasmine Tea Company purchased merchandise from a supplier for $32,802. Payment was a noninterest-bearing note requiring Jasmine to make five annual payments of $8,000 beginning one year from the date of purchase. What is the interest rate implicit in this agreement? (Do not round intermediate calculations. Round the interest rate to 1 decimal place.) Present Value: n = $ 32,802 i = 7.0% $ 4 Annuity Payment < Required 1 Required 3 > Return to