Neely BBQ leased equipment from Smoke Industries on January 1, 2024, Smoke Industries had manufactured the...
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Neely BBQ leased equipment from Smoke Industries on January 1, 2024, Smoke Industries had manufactured the equipment at a cost of $824,000 Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Other information: Lease term Annual payments 4 years $374,000 beginning January 1, 2024, and at December 31, 2024, 2025, and 2026 4 years Rate the lessor charges Life of asset Required: 1. Prepare the appropriate entries for Neely BBQ (Lessee) on January 1, 2024, and December 31, 2024 2. Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2024, and December 31, 2024. Assume that control is transferred to the lessee 3. Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2024, and December 31, 2024. Assume that control is not transferred to the lessee. Neely BBQ leased equipment from Smoke Industries on January 1, 2024, Smoke Industries had manufactured the equipment at a cost of $824,000 Note: Use tables, Excel, or a financial calculator. (EV of $1. PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Other information: Lease term Annual payments 4 years $374,000 beginning January 1, 2024, and at December 31, 2024, 2025, and 2026 4 years Rate the lessor charges Life of asset Required: 1. Prepare the appropriate entries for Neely BBQ (Lessee) on January 1, 2024, and December 31, 2024 2. Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2024, and December 31, 2024. Assume that control is transferred to the lessee 3. Prepare the appropriate entries for Smoke Industries (Lessor) on January 1, 2024, and December 31, 2024. Assume that control is not transferred to the lessee.
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