Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tamarisk corporation manufactures drones. on decem

Tamarisk Corporation manufactures drones. On December 31, 2016, it leased to Althaus Company a drone...

80.2K

Verified Solution

Question

Accounting

Tamarisk Corporation manufactures drones. On December 31, 2016, it leased to Althaus Company a drone that had cost $106,300 to manufacture. The lease agreement covers the 5-year useful life of the drone and requires 5equal annual rentals of $42,800 payable each December 31, beginning December 31, 2016. An interest rate of 11% is implicit in the lease agreement. Collectibility of therentals is probable. Prepare Tamarisks December 31, 2016, journal entries.image

Date Account Titles and Explanation Debit Credit December 31, 2016 o reco December 31, 2016 (To record receipt of lease payment)

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

When a plant ( egg) is fertilized the developing embryo is attached to and nourished by...

Biology
Q

Apply the hydrostatic formula to calculate pressure forces in oil wells. To make calculations tractable, some...

Physics
Q

give comment about the matter After several weeks of speculation, we now know when and where President...

Psychology
Q

home / study / business / finance / finance questions and answers / kenny electric company's...

Finance
Q

This single celled protist moves by means of cilla Oeuglenoids paramecium Odiatoms O amoebas yeasts

Biology
Q

19 Choose the correct statement for the given i photoelectric current and V accelerating potential...

Physics
Q

In rectangle ABCD E is the midpoint of AB and F is on CD so...

Algebra
Q

eBook Show Me How Calculator The...

Accounting
Q

Bonds with a face value of $700000 and a quoted price of 102.25 have a...

Accounting
Q

Oriole Company began operations in 2020 and determined its ending inventory at cost and at...

Accounting
Q

On January 11, 2016, Quick Delivery Service purchased a truck at a cost of $100,000....

Accounting
Q

please show process of calculations! Problem 11-20 Project Analysis (LO1, 2] McGilla Golf...

Finance