Grandiloquent Properties, Inc., and Investment Capital Corporation enter into a contract for a sale of land. To be enforceable, the contract must be in writing if the land is valued at
A. more than $500.
B. more than $5,000.
C. more than $50,000.
D. any price.
Answer: D
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Modesto, Inc leased machinery with a fair value of $250,000 from Layton Machine Co on December 31 . 2014 . The contract is a six-year noncancelable lease with an implicit interest rate of 1 . percent. The lease requires annual payments of $50,000 beginning December 31 . 2014 . Modesto appropriately accounted for the lease as a capital lease. Modesto's incremental borrowing rate is 1 . percent
Assuming the present value of an annuity due of 1 for 6 years at 1 . percent is 4.7908 and the present value of an annuity due of 1 for 6 years at 1 . percent is 4.6048, what is the lease liability that Modesto should report on the balance sheet at December 31 . 2014? a. $189,540 b. $200,000 c. $230,240 d. $239,540
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What will be an ideal response?
Which sentence is correct?
A) ?The production manager is real determined to decrease time lost to injury. B) Our car's engine ran smooth after its tune-up. C) The interviewer was really interested in hiring an outstanding candidate.
Sally is the secured party in a transaction with Lilly, who is the debtor. Sally files a financing statement with the appropriate state official. The financing statement must contain
a. Lilly's signature. b. Sally's bank account information. c. Lilly's credit report. d. a photograph of the collateral.