(SOLVED) Java Hut leased a specialty expresso machine

for a 10 year
Java Hut leased a specialty expresso machine for a 10 year Java Hut leased a specialty
expresso machine for a 10-year non-cancelable term. At the end of the 10-year term, Java Hut
has four consecutive one-year renewal options. A replacement machine can be acquired, but
due to an expensive installation […]

Zimmern Machines sold equipment with a 10 year economic life to Zimmern Machines sold
equipment with a 10-year economic life to Bourdain Acres, while concurrently entering into an
8-year leaseback. Eight years is considered a major part of the economic life of the equipment.
The sale agreement contains no option […]

A six year lease can be renewed for two additional three year A six-year lease can be renewed
for two additional three-year periods, and it also can be terminated after only three years. How
do the lessee and lessor decide the lease term to be used in accounting for the […]

On January 1 2018 Darnell Window and Pane issued 18 On January 1, 2018, Darnell Window
and Pane issued $18 million of 10-year, zero-coupon bonds for $5,795,518. Required: 1.
Prepare the journal entry to record the bond issue. 2. Determine the effective rate of interest. 3.
Prepare the journal entry […]

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At January 1 2018 Brant Cargo acquired equipment by issuing At January 1, 2018, Brant Cargo
acquired equipment by issuing a five-year, $150,000 (payable at maturity), 4% note. The market
rate of interest for notes of similar risk is 10%. Required: 1. Prepare the journal entry for Brant
Cargo to […]

Universal Foods sold the entire bond issue described in the Universal Foods sold the entire
bond issue described in the previous exercise to Wang Communications. Required: 1. Prepare
the journal entry to record the purchase of the bonds by Wang Communications on January 1,
2018. 2. Prepare the journal entry […]

The Gorman Group issued 900 000 of 13 bonds on June The Gorman Group issued $900,000
of 13% bonds on June 30, 2018, for $967,707. The bonds were dated on June 30 and mature
on June 30, 2038 (20 years). The market yield for bonds of similar risk and maturity […]

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