Exercise 21-16

Exercise 21-16 resented below are four independent situations. (Round answers to 0 decimal places, e.g. 125. If answer is 0, please enter 0. Do not leave any fields blank) a) 0 December 31, 2017, Grouper Inc. sold computer equip ent to Danie Co. vd i n ediately ed back for 10 ynars. The sales price of the equ t w r mm sm estimated remaining economic life is 12 years. Determine the amount of deferred revenue to be reported from the sale of the computer equipment on December 31, 2017 The amount of deferred revenue to be reported price of the machine was S401, 400, the carwo anti Hut-t a estimated remaining useful life of 14 years. The present value of the rental payments for the one year is $35,200. A December 31, 2017, how much should Monty report as deferred revene from the sale d machine? The amount of deferred revenue to be reported sold an airplane with an estimated useful life of 10 years, At the same time, Flounder leased back the plane for 10 years. The sales price of the airglane carrying amort ,400, and the annua rental S 74 552. flounder corp intends to depreciate the leased asset using the sun reported at the end of 2017 in the nancial statements? p. intends to depreciate the leased asset using the sum-of the- years-digits depredation met hod How much gain on the sal of the yea he gain on the sale should be reported (4) On January 1, 2017, Culver Co. sold equipment with an estimat en val e) of the pment as $210, 700, the carrying amount is $297,600, the monthly rental under the lease is $6,000 and the present value of the rental December 31.2017, determine which items would be feported ed useful ife of S years. At the same time, Culver leased back the equipment for 2 years underlease dasited at an on its income statement for the sale-leaseback transaction payments is $114,957, For the year