Maurice Tutor

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About Maurice Tutor

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Algebra,Applied Sciences See all
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Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 5 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 02 Aug 2017 My Price 5.00

Delaney Company

Delaney Company leases an automobile with a fair value of $8,725 from John Simon Motors, Inc., on the following terms.
1. Noncancelable term of 50 months.
2. Rental of $200 per month (at end of each month; present value at 1% per month is $7,840).
3. Estimated residual value after 50 months is $1,180. (The present value at 1% per month is $715.) Delaney Company guarantees the residual value of $1,180.
4. Estimated economic life of the automobile is 60 months.
5. Delaney Company’s incremental borrowing rate is 12% a year (1% a month). Simon’s implicit rate is unknown.
Instructions
(a) What is the nature of this lease to Delaney Company?
(b) What is the present value of the minimum lease payments?
(c) Record the lease on Delaney Company’s books at the date of inception.
(d) Record the first month’s depreciation on Delaney Company’s books. (Assume straight-line.)
(e) Record the first month’s lease payment.

Answers

Maurice Tutor
(5)
Status NEW Posted 02 Aug 2017 12:08 PM My Price 5.00

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