On june 30 2013 georgia atlantic inc leas ed a

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 30, 2013, Georgia-Atlantic , Inc ., leas ed a warehous e fac ility from IC Leas ing Corporation. The leas e agreement c alls for Georgia-Atlantic to mak e s emiannual leas e pay ments of $562,907 over a threey ear leas e term, pay able eac h June 30 and Dec ember 31, with the firs t pay ment at June 30, 2013.GeorgiaAtlantic ’s inc remental borrowing rate is 10% , the s ame rate IC us ed to c alc ulate leas e pay ment amounts . Deprec iation is rec orded on a s traight-line bas is at the end of eac h fis c al y ear. The fair value of the warehous e is $3 million. (FV of $1, PV of $1, FV A of $1, PV A of $1, FV A D of $1 and PV A D of $1) (Use a ppropria te fa ctor(s) from the ta ble s provide d.) ezto.mhecloud.mcg r aw- hill.com/hm_accounting .tpx?todo= pr intviewSing le 1/3 2/25/14 fa ctor(s) from the ta ble s provide d.) Assig nm...
View Full Document

Ask a homework question - tutors are online