{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T13:00:48-04:00", "answer_date": "2024-05-26 13:00:48", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1740034", "url": "\/study-help\/questions\/metlock-enters-into-an-agreement-with-traveler-inc-to-lease-1740034", "question_creation_date_js": "2024-05-26T13:00:48-04:00", "question_creation_date": "May 26, 2024 01:00 PM", "meta_title": "[Solved] Metlock enters into an agreement with Tra | SolutionInn", "meta_description": "Answer of - Metlock enters into an agreement with Traveler Inc. to lease a car on December 31, 2019. The following information rel | SolutionInn", "meta_keywords": "metlock,enters,agreement,traveler,inc,lease,car,december,31,2019,information,relates", "question_title_h1": " Metlock enters into an agreement with Traveler Inc. to lease a car on December 31, 2019. The following information relates to this agreement. 1.", "question_title": " Metlock enters into an agreement with Traveler Inc. to lease a", "question_title_for_js_snippet": "Metlock enters into an agreement with Traveler Inc to lease a car on December 31, 2019 The following information relates to this agreement 1 The term of the non cancelable lease is 3 years with no renewal or bargain purchase option The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term 2 The fair value of the car was $15,270 at commencement of the lease 3 4 Annual payments are required to be made on December 31 at the end of each year of the lease, beginning December 31, 2020 The first payment is to be of an amount of $5,652 82, with each payment increasing by a constant rate of 5 from the previous payment (i e , the second payment will be $5,935 46 and the third and final payment will be $6,232 23) Metlock' incremental borrowing rate is 8 The rate implicit in the lease is unknown 5 Metlock uses straight line depreciation for all similar cars (a)", "question_description": "\"image\"image", "transcribed_text": "Metlock enters into an agreement with Traveler Inc. to lease a car on December 31, 2019. The following information relates to this agreement. 1. The term of the non-cancelable lease is 3 years with no renewal or bargain purchase option. The remaining economic life of the car is 3 years, and it is expected to have no residual value at the end of the lease term. 2. The fair value of the car was $15,270 at commencement of the lease. 3. 4. Annual payments are required to be made on December 31 at the end of each year of the lease, beginning December 31, 2020. The first payment is to be of an amount of $5,652.82, with each payment increasing by a constant rate of 5% from the previous payment (i.e., the second payment will be $5,935.46 and the third and final payment will be $6,232.23). Metlock' incremental borrowing rate is 8%. The rate implicit in the lease is unknown. 5. Metlock uses straight-line depreciation for all similar cars. (a)", "related_book": { "title": "Intermediate accounting", "isbn": "978-0077614041, 9780077446475, 77614046, 007744647X, 77647092, 978-0077647094", "edition": "7th edition", "authors": "J. David Spiceland, James Sepe, Mark Nelson", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/270.jpg", "uri": "\/textbooks\/intermediate-accounting-7th-edition-270", "see_more_uri": "" }, "free_related_book": { "isbn": "0131254529", "uri": "\/textbooks\/prentice-hall-mathematics-algebra-2-study-guide-and-practice-workbook-1st-edition-978-0131254527-112066", "name": "Prentice Hall Mathematics Algebra 2 Study Guide And Practice Workbook", "edition": "1st Edition" }, "question_posted": "2024-05-26 13:00:48", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions-and-answers\/write-a-paper-about-operations-of-morning-star-homes-a", "description": "Write a paper about operations of Morning Star homes, a construction company. How you are progressing in your Project Management Plan. 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