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(Solution document) On February 20, 2017, Flint Inc. purchased a machine for $1,620,000 for the purpose of leasing it.


On February 20, 2017, Flint Inc. purchased a machine for $1,620,000 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated on the straight-line basis. The machine was leased to Buffalo Company on March 1, 2017, for a 4-year period at a monthly rental of $19,200. There is no provision for the renewal of the lease or purchase of the machine by the lessee at the expiration of the lease term. Flint paid $29,760 of commissions associated with negotiating the lease in February 2017.

 







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