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please assist using a financial calculator only someone if you can answer the three listed please lmk please someone answer it does not need more
please assist using a financial calculator only
someone if you can answer the three listed please lmk
please someone answer it does not need more info
Chapter 17 - Leases antee 98. Ryan Company leased an asset that qualified as a finance lease for accounting purposes and an operating lease for Canada Revenue Agency (CRA) purposes. Ryan Company assumed all maintenance costs. Selected financial data for the company include insurance $2,500; interest $7,657; amortization $11,234 and general office supplies $1,500. The annual lease payment amounts to $25,000. The temporary difference for tax purposes during the year amounts to: A) B) $2,109 C) $3,609 D) cannot be determined Ans: C Difficulty: Medium Level of Learning: Application Topic: L06 100. Brimley Corp. leased an asset from Geisler Corp. At the end of the first year Brimley Corp. reported a leased asset of $87,098, accumulated amortization of $8,710 and a lease liability of $74,567. The temporary difference for tax purposes is: A) $8,710 B) $11,241 C) $3,821 D) $21,241 Ans: C Difficulty: Medium Level of Learning: Application Topic: LO6 102. Brimley Corp. leased an asset from Geisler Corp. At the end of the first year Brimley Corp. reported a leased asset of $87,098, accumulated amortization of $8,710 and a lease liability of $74,567. Assuming an income tax rate of 40%, the impact on Brimley Corp. financial statements is: $8,710 B) $11,241 C) $3,821 D) $1,528 A) Ans: D Difficulty: Medium Level of Learning: Application Topic: LO3 Step by Step Solution
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