-----On January 1, 2019, Precision Pumps leases nonspecialized pumping equipment to Mega Construction. The equipment is delivered on January 1. The lease term is 4 years with no renewal or purchase options, and title to the leased asset is retained by the lessor at the end of the lease term. The lease requires annual fixed rental payments of $7,000 per year beginning on January 1, 2019, and then December 31 of each year starting on December 31, 2019. The fair value of the equipment is $37,592 and has a carrying amount on Precision's books of $22,000. The equipment has a remaining life of 8 years. The estimated residual value of the equipment is $15,000. The lessee does not guarantee the residual value, but Precision secured an unrelated third party to guarantee $15,000; collection of this guaranteed residual value and lease payments are reasonably certain. The rate implicit in the lease is 6%. There are no prepaid rentals, and neither party to the agreement pays initial direct costs. What is the proper classification of this lease for Precision Pumps?

Financing

Direct financing

Sale

Operarting

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Which of the following is not a key element of pension expense under a defined - benefit pension plan?

Expected return on plant assets

Amortization of future benefit obligation

Service cost

Interest on project benefit obligation

--Under the Tax Cuts and Jobs Act of 2017, a company may carry back a tax loss for ________ years and carry forward a tax loss for ________ years. Prior to the the Tax Cuts and Jobs Act of 2017, a company could carry back a tax loss for ________ years and carry forward a tax loss for ________ years

-- Greenwell Coffee Company began operations on the first day of the year. On that day they issued 80 000 shares. On March 1 they issued 15, 000 shares and on July 1, another 50 000 shares. On December 1, Greenwell repurchased 7 000 shares of outstanding shares. Compute the weighted-average shares of stock for the first year of operation. (Round your final answer to the nearest whole number.)

---Under a defined-benefit plan, the contribution is fixed but benefits can vary. True and false

---For both finance and operating leases, if the residual value is guaranteed by a third party or is unguaranteed, then the residual value does not impact the lessee's accounting treatment. True or false