3:58 X Fall 2019 ACC3100 Practice Exam.pdf .. 1 of 4 ACC 3100 Fall 2019 Practice Exam 1) Technoid Insells computer system. Technoid cases computers to Lone Star Company on January 1, 2021. The manufacturing cost of the computers was $19 million This noncancelable lease had the following terms: Lease payments $3,287,947 semiannually, first payment at January 1, 2021 remaining payments June 30 and December 31 sach year through Jung 0. 5 ar 10 semiannual payments. No residual value to purchase option Economic life of equipment: 5 years Implicit interest rate and lessee's incremental borowing rate: % semiannually Fair value of the computers at January 1, 2021: $23 million What is the outstanding balance of the lease liability in Lone Star's June 30, 2021, balance sheet? (Round your answer to the nearest whole dollar.) A) $23000.000 B) SIS. 198,191. C) $19.195,200. D) None of these answer choices is correct 2) For its first year of operations. Tringali Corporation's reconciliation of peetax accounting income to taxable income is as follows: $ 300.000 Prelax accounting income Permanent difference Temporary difference-depreciation Taxable income $ 120.00 263.300 Tringali's tax rate is 25% Assume that no estimated taxes have been paid What should Tringali report as its income tax expense for its first year of operations? A) 55200 B) 565.825. 575.000. D) 71,025 3) The following information pertains to Havana Corporation's defined benefit pension plan: 2001 2022 Beginning Beginning halances $ 2700) (sin thousands Procted benefit obligation Plants Prior service cost-AOCI Netlow AOCI At the end of 2021, Ilavana contributed $745 thousand to the pension fund and benefit payments of $764 thousand were made to retirees. The expected of turn on plan assets was 10%, and the actuary's discount rate is 7%. There were to changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 service cost for Havana's plan? A) 5405 thousand B) $729 thousand. C) 609 thousand D) Cannot be determined from the given information 3:58 X Fall 2019 ACC3100 Practice Exam.pdf .. 1 of 4 ACC 3100 Fall 2019 Practice Exam 1) Technoid Insells computer system. Technoid cases computers to Lone Star Company on January 1, 2021. The manufacturing cost of the computers was $19 million This noncancelable lease had the following terms: Lease payments $3,287,947 semiannually, first payment at January 1, 2021 remaining payments June 30 and December 31 sach year through Jung 0. 5 ar 10 semiannual payments. No residual value to purchase option Economic life of equipment: 5 years Implicit interest rate and lessee's incremental borowing rate: % semiannually Fair value of the computers at January 1, 2021: $23 million What is the outstanding balance of the lease liability in Lone Star's June 30, 2021, balance sheet? (Round your answer to the nearest whole dollar.) A) $23000.000 B) SIS. 198,191. C) $19.195,200. D) None of these answer choices is correct 2) For its first year of operations. Tringali Corporation's reconciliation of peetax accounting income to taxable income is as follows: $ 300.000 Prelax accounting income Permanent difference Temporary difference-depreciation Taxable income $ 120.00 263.300 Tringali's tax rate is 25% Assume that no estimated taxes have been paid What should Tringali report as its income tax expense for its first year of operations? A) 55200 B) 565.825. 575.000. D) 71,025 3) The following information pertains to Havana Corporation's defined benefit pension plan: 2001 2022 Beginning Beginning halances $ 2700) (sin thousands Procted benefit obligation Plants Prior service cost-AOCI Netlow AOCI At the end of 2021, Ilavana contributed $745 thousand to the pension fund and benefit payments of $764 thousand were made to retirees. The expected of turn on plan assets was 10%, and the actuary's discount rate is 7%. There were to changes in actuarial estimates and assumptions regarding the PBO. What is the 2021 service cost for Havana's plan? A) 5405 thousand B) $729 thousand. C) 609 thousand D) Cannot be determined from the given information
