Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 05 Jan 2018 My Price 5.00

Tiger Inc.

Fox Company, a dealer in machinery and equipment, leased equipment to Tiger Inc. on July 1, 2016. The lease is appropriately accounting for as a sale by Fox and as a purchase by Tiger. The lease is for a 10-year period (the useful life of the asset) expiring June 20, 2026. The first of 10 equal annual payments of $500,000 was made on July 1, 2016. Fox has purchased the equipment for $2,675,000 on January 1, 2016, and established a list selling price of $3,375,000 on the equipment. Assume that the present value at July 1, 2016, of the rent payments over the lease term, discounted at 12% (the appropriate interest rate) was $3,165,000, What is the amount of Profit on the sale and the amount of interest income that Fox should record for the year ended December 31, 2016? a. $0 and $159,000 b. $490,000 and $159,000 c. $490,0000 and $189,000 d. $700,000 and $189,000

Answers

Maurice Tutor
(5)
Status NEW Posted 05 Jan 2018 09:01 PM My Price 5.00

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