Business, 12.03.2021 15:20 Lilbossman2203

On January 1, 2021, Pharoah Corporation signed a 10-year noncancelable lease for certain machinery. The terms of the lease called for Pharoah to make annual payments of $155015 at the end of each year for 10 years with the title passing to Pharoah at the end of this period. The machinery has an estimated useful life of 15 years and no salvage value. Pharoah uses the straight-line method of depreciation for all of its fixed assets. Pharoah accordingly accounted for this lease transaction as a financial lease. The lease payments were determined to have a present value of $1040163 at an effective interest rate of 8%. With respect to this lease, Pharoah should record for 2021

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On January 1, 2021, Pharoah Corporation signed a 10-year noncancelable lease for certain machinery....

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