Happy Corporation leased a building from Sensor Company. The 10-year lease is recorded as a capital lease. The annual payments are $10,000 and the recorded cost of the asset is $67,100 . The straight-line method is used to calculate depreciation. Which of the following statements is true?
a. Depreciation expense of $6,710 will be recorded each year.
b. Depreciation expense of $10,000 will be recorded each year.
c. No depreciation expense will be recorded by Happy Corporation.
d. No interest expense will be recorded by Happy Corporation.
a
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Indicate whether each of the following statements is true or false.________ a) A multistep income statement separates product from period costs.________ b) A single-step income statement shows the computation of gross margin.________ c) Interest is normally shown as a separate item on the multistep income statement.________ d) The treatment of interest on the multistep income statement is consistent with the treatment of interest on the statement of cash flows.________ e) Gains and losses are included in operating income on a multistep income statement.
What will be an ideal response?
The three basic types of formats for providing feedback during a performance evaluation meeting or feedback session are
A. tell-and-sell, tell-and-train, and developmental. B. tell-and-sell, tell-and listen, and problem-solving. C. tell-and-train, problem-solving, and developmental. D. tell-and-listen, tell-and-train, and problem-solving.
Under an antilapse clause, an insurance policy will lapse only if no premium is paid on the date due.
Answer the following statement true (T) or false (F)
Self-liquidating loans are intended merely to carry a firm through seasonal peaks in financing needs that are due primarily to buildups of accounts receivable and inventory
Indicate whether the statement is true or false