Question
Neely BBQ leased equipment from Smoke Industries on January 1, 2013. Smoke Industries had manufactured the equipment at a cost of $810,000. Both companies employ
Neely BBQ leased equipment from Smoke Industries on January 1, 2013. Smoke Industries had manufactured the equipment at a cost of $810,000. Both companies employ the lease ASU
Other info.
Lease term, 4 years.
Annual payments are $360,000 beginning jan 1 2016 and at december 31, 2016, 2017 and 2018.
Life of asset : 4 years
rate the lessor charges: 8%
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Fundamental Accounting Principles Volume 1
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
15th Canadian Edition
