{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-28T03:10:52-04:00", "answer_date": "2024-05-28 03:10:52", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1815672", "url": "\/study-help\/questions\/question-1-of-10-view-policies-show-attempt-history-current-1815672", "question_creation_date_js": "2024-05-28T03:10:52-04:00", "question_creation_date": "May 28, 2024 03:10 AM", "meta_title": "[Solved] Question 1 of 10 View Policies Show Attem | SolutionInn", "meta_description": "Answer of - Question 1 of 10 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. 0.83 | SolutionInn", "meta_keywords": "question,1,10,view,policies,show,attempt,history,current,progress,answer,partially", "question_title_h1": " Question 1 of 10 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. 0.83\/1 Sheridan Corporation enters into a", "question_title": " Question 1 of 10 View Policies Show Attempt History Current Attempt", "question_title_for_js_snippet": "Question 1 of 10 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct 0 83 1 Sheridan Corporation enters into a 6 year lease of equipment on December 31, 2019, which requires 6 annual payments of $36,500 each, beginning December 31, 2019 In addition, Sheridan guarantees the lessor a residual value of $18,700 at the end of the lease However, Sheridan believes it is probable that the expected residual value at the end of the lease term will be $9,350 The equipment has a useful life of 6 years Prepare Sheridans' December 31, 2019, journal entries assuming the implicit rate of the lease is 10 and this is known to Sheridan (Credit account titles are automatically indented when amount is entered Do not indent manually For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e g 5,275 ) Click here to view factor tables Date Account Titles and Explanation December 31, 2019 Right of Use Asset Lease Liability (To record the lease liability) December 31, Lease Liability 2019 Cash (To record lease payment) Debit Credit 36,500 36,500 36,500 36,500", "question_description": "\"image", "transcribed_text": "Question 1 of 10 View Policies Show Attempt History Current Attempt in Progress Your answer is partially correct. 0.83\/1 Sheridan Corporation enters into a 6-year lease of equipment on December 31, 2019, which requires 6 annual payments of $36,500 each, beginning December 31, 2019. In addition, Sheridan guarantees the lessor a residual value of $18,700 at the end of the lease. However, Sheridan believes it is probable that the expected residual value at the end of the lease term will be $9,350. The equipment has a useful life of 6 years. Prepare Sheridans' December 31, 2019, journal entries assuming the implicit rate of the lease is 10% and this is known to Sheridan. (Credit account titles are automatically indented when amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to O decimal places e.g. 5,275.) Click here to view factor tables. Date Account Titles and Explanation December 31, 2019 Right-of-Use Asset Lease Liability (To record the lease liability) December 31, Lease Liability 2019 Cash (To record lease payment) Debit Credit 36,500 36,500 36,500 36,500", "related_book": { "title": "Financial Accounting Tools for business decision making", "isbn": "978-1119191674, 047053477X, 111919167X, 978-0470534779", "edition": "6th Edition", "authors": "Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/48.jpg", "uri": "\/textbooks\/financial-accounting-tools-for-business-decision-making-6th-edition-48", "see_more_uri": "" }, "free_related_book": { "isbn": "979-8865622765", "uri": "\/textbooks\/the-complete-bitcoin-handbook-understanding-the-future-of-money-a-comprehensive-guide-to-digital-currencies-blockchain-technology-and-the-evolution-of-money-in-the-digital-age-1st-edition-979-8865622765-187704", "name": "The Complete Bitcoin Handbook Understanding The Future Of Money A Comprehensive Guide To Digital Currencies Blockchain Technology And The Evolution Of Money In The Digital Age", "edition": "1st Edition" }, "question_posted": "2024-05-28 03:10:52", "see_more_questions_link": "\/study-help\/questions\/business-finance-2024-September-21", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/questions\/clark-had-brain-surgery-insurance-will-not-pay-for-the-463365", "description": "Clark had brain surgery. Insurance will not pay for the surgery until the deductible of $1,000 is hit. Then Clark's coinsurance of 80% \/ 20% kicks in. Clark has an out-of-pocket maximum of $7,500....", "stars": 3 }, { "url": "\/refer-to-the-previous-question-suppose-plants-1-and-2", "description": "Refer to the previous question. Suppose plants 1 and 2 represent different building alternatives for the same site (that is, only one of these plants can be built). Similarly, suppose plants 4 and 5...", "stars": 3 }, { "url": "\/study-help\/probability-and-stochastic-modeling\/if-ex-0-show-that-cx-2-x-when-c-1972710", "description": "If E[X] 0, show that cX 2, X when c 1", "stars": 3 }, { "url": "\/study-help\/business-statistics-in-practice\/20-product-introduction-part-4-for-the-product-launch-decision-1983660", "description": "=+20. Product introduction, part 4. For the product launch decision of Exercise 12, the economy isnt looking that good. 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