Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1,2019 , the okanagan flight institute,

On January 1,2019 , the Okanagan Flight Institute, which reports its financial results in accordance...

80.2K

Verified Solution

Question

Accounting

image
On January 1,2019 , the Okanagan Flight Institute, which reports its financial results in accordance with ASPE, entered into a contract to lease a flight simulator, details of which follow: Required: a) Evaluate this term from the perspective of Okanagan Flight Institute using the four primaryASPE criteria. Should it classify the lease as a finance lease or an operating lease? b) Using Excel, prepare an asset depreciation schedule that covers the useful life of the equipment using straight-line depreciation. c) Prepare a lease liability amortization schedule for the life of the lease using Excel. d) Prepare all journal entries for Okanagan Flight Institute related to the lease for its year ended December 31,2019 , including the entry at the inception of the lease, the lease payment, and any adjusting journal entries at year end. e) Prepare the journal entry to record the lease payment on January 1, 2020

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. Describe the process of urination or micturition. 2. What is renal clearance? How do the...

Medical Sciences
Q

Discuss the strategic considerations for MRT decisions with respect to planning, finance, management and pricing. Transportation Engineering urgent...

Civil Engineering
Q

A non conducting sphere of radius R and uniform volume charge density is rotating with angular...

Physics
Q

The taxon species may be defined by reproductive isolation and _____variationmorphologydichotomy

Biology
Q

Scale Factor 11 1 Center Point N M O IM N

Geometry
Q

LS 5 6 Ents Required Use the information in the adjusted trial balance to prepare...

Basic Math
Q

The mass of a textbook is approximately 0.00165 metric ton. How is this number written...

Basic Math
Q

ller I li 1 o o o o o

Accounting
Q

XYZ Company makes and sells a single product. Each finished unit requires three pounds of...

Accounting
Q

A 9%, $1,000 par corporate bond is trading at $1,100. What is the current yield?...

Accounting
Q

Galante Kennel uses tenant-days as its measure of activity; an animal housed in the kennel...

Accounting
Q

Office Store has assets equal to $295,000 and liabilities equal to $256,000 at year-end. What...

Accounting