Q: Rhone-Metro Industries manufactures equipment that is sold or leased.
Rhone-Metro Industries manufactures equipment that is sold or leased. On December 31, 2021, Rhone-Metro leased equipment to Western Soya Co. for a noncancelable stated lease term of four years ending...
See AnswerQ: On January 1, 2021, Nguyen Electronics leased equipment from Nevels
On January 1, 2021, Nguyen Electronics leased equipment from Nevels Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Nevels. Th...
See AnswerQ: On January 1, 2021, Harlon Consulting entered into a three
On January 1, 2021, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $5,000 in 2021, $6,000 in 2022, and $7,000 in 2023. Payments are due on Decembe...
See AnswerQ: On January 1, 2021, Harlon Consulting entered into a three
On January 1, 2021, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $7,000 in 2021, $6,000 in 2022, and $5,000 in 2023. Payments are due on Decembe...
See AnswerQ: Lance Brothers Enterprises acquired $720,000 of 3% bonds
Lance Brothers Enterprises acquired $720,000 of 3% bonds, dated July 1, on July 1, 2021, as a long-term investment. Management has the positive intent and ability to hold the bonds until maturity. The...
See AnswerQ: On January 1, 2021, Worcester Construction leased International Harvester equipment
On January 1, 2021, Worcester Construction leased International Harvester equipment from Newton LeaseCorp. Newton LeaseCorp purchased the equipment from Wellesley Harvester at a cost of $958,158. Worc...
See AnswerQ: Werner Chemical, Inc., leased a protein analyzer on September 30
Werner Chemical, Inc., leased a protein analyzer on September 30, 2021. The five-year lease agreement calls for Werner to make quarterly lease payments of $391,548, payable each September 30, December...
See AnswerQ: Abbott Equipment leased a protein analyzer to Werner Chemical, Inc.,
Abbott Equipment leased a protein analyzer to Werner Chemical, Inc., on September 30, 2021. Abbott purchased the machine from NutraLabs, Inc., at a cost of $6 million. The five-year lease agreement ca...
See AnswerQ: On January 1, 2021, Majestic Mantles leased a lathe from
On January 1, 2021, Majestic Mantles leased a lathe from Equipment Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase optio...
See AnswerQ: NutraLabs, Inc., leased a protein analyzer to Werner Chemical,
NutraLabs, Inc., leased a protein analyzer to Werner Chemical, Inc., on September 30, 2021. NutraLabs manufactured the machine at a cost of $5 million. The five-year lease agreement calls for Werner t...
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