Business, 17.08.2019 21:10 coolquezzie

Assume that on january 1, 2017, kimberly-clark corp. signs a 10-year noncancelable lease agreement to lease a storage building from sheffield storage company. the following information pertains to this lease agreement. 1. the agreement requires equal rental payments of $67,500 beginning on january 1, 2017. 2. the fair value of the building on january 1, 2017 is $411,000. 3. the building has an estimated economic life of 12 years, with an unguaranteed residual value of $10,000. kimberly-clark depreciates similar buildings on the straight-line method. 4. the lease is nonrenewable. at the termination of the lease, the building reverts to the lessor. 5. kimberly-clark’s incremental borrowing rate is 12% per year. the lessor’s implicit rate is not known by kimberly-clark. 6. the yearly rental payment includes $2,553 of executory costs related to taxes on the property. prepare the journal entries on the lessee’s books to reflect the signing of the lease agreement and to record the payments and expenses related to this lease for the years 2017 and 2018. kimberly-clark’s corporate year-end is december 31.

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 16:20

Match each of the terms below with an example that fits the term. a. fungibility the production of gasoline b. inelasticity the switch from coffee to tea c. non-excludability the provision of national defense d. substitution the demand for cigarettes

Answers: 3

Answer

Business, 22.06.2019 20:00

During the month of march 2017, weimar world, a tax-preparation service, had the following transactions. * billed $496,000 in revenues on credit * received $164,000 from customers' accounts receivable * incurred expenses of $194,000 but only paid $87,700 cash for these expenses * prepaid $32,220 for computer services to be used next month what was the company's accrual basis net income for the month? select one: a. $302,000 b. $264,080 c. $ 41,860 d. $408,300 e. none of the above

Answers: 3

Answer

Business, 22.06.2019 22:00

In 2018, laureen is currently single. she paid $2,800 of qualified tuition and related expenses for each of her twin daughters sheri and meri to attend state university as freshmen ($2,800 each for a total of $5,600). sheri and meri qualify as laureen’s dependents. laureen also paid $1,900 for her son ryan’s (also laureen’s dependent) tuition and related expenses to attend his junior year at state university. finally, laureen paid $1,200 for herself to attend seminars at a community college to her improve her job skills.what is the maximum amount of education credits laureen can claim for these expenditures in each of the following alternative scenarios? a. laureen's agi is $45,000.b. laureen’s agi is $95,000.c. laureen’s agi is $45,000 and laureen paid $12,000 (not $1,900) for ryan to attend graduate school (i.e, his fifth year, not his junior year).

Answers: 2

Answer

Business, 22.06.2019 22:40

When immigration adds to the size of the domestic labor pool, which of the following is likely to occur? a. wages decrease. b. productivity increases. c. consumption decreases. d. minimum wage increases.

Answers: 1

Answer

You know the right answer?

Assume that on january 1, 2017, kimberly-clark corp. signs a 10-year noncancelable lease agreement t...

Questions