Question
On June 1, 2018 (beginning of fiscal year 2019), General Mills entered into a finance lease for machinery over 15 years with equal payments to
On June 1, 2018 (beginning of fiscal year 2019), General Mills entered into a finance lease for machinery over 15 years with equal payments to be made at the end of each fiscal year.At inception of the lease, General Mills recorded a balance sheet obligation of $2,359, using an interest rate of 8%.
8 What is the annual lease payment required under the lease?
round to the nearest penny.
What is the interest expense related to the finance lease for fiscal year 2019?
round to the nearest penny
What is the amortization expense related to the finance lease for fiscal 2019?
round to the nearest penny.
What is the total expense related to the finance lease for fiscal year 2019?
round to the nearest penny.
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Financial and Managerial Accounting Information for Decisions
Authors: John Wild, Ken Shaw, Barbara Chiappetta
5th edition
978-1259317552, 1259317552, 978-0078025600, 78025605, 978-1259335013, 1259335011, 978-1259347641
