Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following exercises must be completed. Show all work in Blue Books- 1. Ludell Corp. shows the following data- Projected benefit obligation 1/1/19- $100,000 Plan
The following exercises must be completed. Show all work in Blue Books- 1. Ludell Corp. shows the following data- Projected benefit obligation 1/1/19- $100,000 Plan Assets Settlement rate-10% Actual/expected returns-$10,000 Benefits paid-$7,000 PSC amortization-$2,000. A. Prepare the pension worksheet showing the journal entry. B. Indicate year end balances in all accounts. C. Indicate amounts to be reported on the Income Statement and Balance Sheet. $100,000 Service Cost-$9,000 Contribution-$8,000 1/1/19- 2. Doris is leasing a truck whose yearly rental is $5.189. The lease term is 3 years. The estimated economic life of the truck is 4 years. The fair value of the truck is $20,000. The cost of the truck is $15,000. The guaranteed residual value, expected to be paid, is $7000. The Incremental borrowing rate is 8%. $ 14,443 PV for annual lease payments of $5,189= $ 5,557 PV for guaranteed residual of $7,000- $ 20,000 PV Total A. What type of lease is this? Why? B. Prepare the amortization schedule for the 3 years for the lessee and the lessor. C. Prepare lessee and lesor journal entries for the three years. D. Would an unguaranteed residual change your computations? Show all work. 25,584 3. Raninu Company reports pretax financial income of $85,280 for 2019. The following items cause taxable income to be different from pretax financial income. A. Depreciation on the tax return is greater than depreciation on the income statement by $20,620. B. Unearned rent revenue is $22,390. C. Fines of $12,900 have been deducted on the income statement. The Raninu tax rate is 30%. A. Compute the Income Taxes Payable . Prepare the journal entry Prepare the Income Tax Expense section of the Income statement, beginning with "Income Before Income Taxes" A. On January 1, 2019, Garr Company acquired machinery at a cost of $320,000. The machinery
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started