# Please Oriole Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020....

Oriole Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2020. The lease is for an 8-year period and requires equal annual payments of $33,300 at the beginning of each year. The first payment is received on January 1, 2020. Oriole had purchased the machine during 2019 for$150,000. Collectibility of lease payments by Oriole is probable. Oriole set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Oriole at the termination of the lease. Assume that Dexter Corporation does not know the rate implicit in the lease used by Oriole, and Dexter's incremental borrowing rate is 8%. In addition, assume that Dexter incurs initial direct costs of $12,000. Click here to view factor tables 42/5 iii Your answer is partially correct. Prepare all necessary journal entries for Dexter for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Right-of-Use Asset 1/1/20 Lease Liability Cash (To record the lease) 1/1/20 Lease Liability Cash (To record the first lease payment) 12/31/20 Interest Expense Lease Liability (To record interest expense) 12/31/20 Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) e Textbook and Media List of Accounts ## Answers #### Similar Solved Questions 1 answer ##### Ethical or un ethical Telling an associate and close friend that she shouls pay more attention to her work responsibilities, or management will fire her ethical or un ethical Telling an associate and close friend that she shouls pay more attention to her work responsibilities, or management will fire her... 1 answer ##### An organization's mission statement is Select one: • a. a list of the organization's policies and... An organization's mission statement is Select one: • a. a list of the organization's policies and procedures. b. the organization's professional values. O c. a public statement designed to declare the type of organization it is. O d. a statement of ethical treatment. Clear my choice... 1 answer ##### Use th e confidence level and sample data to find a confidence interval for estimating the... Use th e confidence level and sample data to find a confidence interval for estimating the population 15) 42 packages are randomly selected from packages received by a parcel service. The sample has a mean weight of 26.7 pounds and a standard deviation of 2.9 pounds. What is the 95 percent confidenc... 1 answer ##### Filtration is the separation process which: a) Uses a teritary substance to absorb targeted component from... Filtration is the separation process which: a) Uses a teritary substance to absorb targeted component from mixture. b) uses a filter paper to separate solids from liquids-solid mixture c) uses gravity to separate components from a mixture d) all of the above... 1 answer ##### Find the average number of calls per day between Phoenix, Arizona(population 1,552,300) and Tucson, Arizona (population... Find the average number of calls per day between Phoenix, Arizona(population 1,552,300) and Tucson, Arizona (population 541,800)given that the distance between the two cities is 120 mi.... 1 answer ##### Project S costs$15,000, and its expected cash flows would be $4,500 per year for 5... Project S costs$15,000, and its expected cash flows would be $4,500 per year for 5 years. Mutually exclusive Project L costs$37,500, and its expected cash flows would be $11,100 per year for 5 years. If both projects have a WACC of 14%, which project(s) would be accepted? A) Neither Pro... 1 answer ##### Jall Llal ICUL. Question 2 5p A female patient is newly admitted to a long-term care... Jall Llal ICUL. Question 2 5p A female patient is newly admitted to a long-term care facility. The patient is not satisfied with the conditions of the facility, takes a highly active role in her health care, and because of her ability to access information, has as much knowledge as her health care p... 1 answer ##### Design and suggest a novel biomaterial and its application logically and scientifically. Your own research subject... Design and suggest a novel biomaterial and its application logically and scientifically. Your own research subject should not be included on the suggestion.... 1 answer ##### What is the maximum distance that a 8 awg T90 copper conductor can be run, if... What is the maximum distance that a 8 awg T90 copper conductor can be run, if connected to a 50A Circuit Breaker and installed in free air at 120V?... 1 answer ##### How do you solve 4p ^ { 2} + 5p + 2= 0? How do you solve 4p ^ { 2} + 5p + 2= 0?... 1 answer ##### On January 1, 2018, Northeast Airlines purchased a used airplane for$37,500,000. Northeast Airlines expects the...
On January 1, 2018, Northeast Airlines purchased a used airplane for $37,500,000. Northeast Airlines expects the plane to remain useful for four years (4,000,000 miles) and to have a residual value of$5,500,000. The company expects the plane to be flown 1,300,000 miles the first year. Read the requ...
##### Use Table Vin Appendix A to determine the t-percentile that is required to construct each of...
Use Table Vin Appendix A to determine the t-percentile that is required to construct each of the following one-sided confidence intervals: (Express your answers to 3 decimal places.) Statistical Tables and Chart Part 1 Correct. Confidence level=95%, degrees of freedom=14 1.761 e Textbook and Media A...
##### Day Co, received dividends from its common stock investments during the year ended December 31, Year...
Day Co, received dividends from its common stock investments during the year ended December 31, Year 1, as follows: A stock dividend of 400 shares from Parr Corp. on July 25, Year 1, when the market price of Parr's shares was \$20 per share. Day owns less than 1% of Parr's common stock A cash...
##### Reactions Engineering. Please answer fully with explanation and write neatly. Thanks xx Question 3 (20 marks, 36 minutes) Substance A in the liquid phase produces R and S by the following reaction...
Reactions Engineering. Please answer fully with explanation and write neatly. Thanks xx Question 3 (20 marks, 36 minutes) Substance A in the liquid phase produces R and S by the following reactions: R RCA The feed (CA,-ו0. CR0-0, Cs,-0.3 miol/ dm) enters two mixed flow reactors in series (&tau...