P21-9 - P 21-9 Shapiro Inc. was incorporated in 2010 to...

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P 21-9 Shapiro Inc. was incorporated in 2010 to operate as a computer software service  firm with an accounting fiscal year ending August 31. Shapiro’s primary product is  a sophisticated online inventory-control system; its customers pay a fixed fee plus  a usage charge for using the system.  Shapiro has leased a large, Alpha-3 computer system from the  manufacturer. The lease calls for a monthly rental of $40,000 for the 144 months  (12 years) of the lease term. The estimated useful life of the computer is 15  years.  Each scheduled monthly rental payment includes $3,000 for full-service  maintenance on the computer to be performed by the manufacturer. All rentals  are payable on the first day of the month beginning with August 1, 2011, the date  the computer was installed and the lease agreement was signed. The lease is  non-cancelable for its 12-year term, and it is secured only by the manufacturer’s 
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P21-9 - P 21-9 Shapiro Inc. was incorporated in 2010 to...

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