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Hay Corporation's - Assignment Example

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What type of lease is this from Hay Corporation's viewpoint? Please be specific…
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Download file to see previous pages What if Immediately after signing the lease, Marly finds out that Hay Corp. is the defendant in a suit which is sufficiently material to make collectibility of future lease payments doubtful. Does this affect the accounting treatment by Mary for this lease? If so, give the journal entries for the 20X8 only. If no change, please indicate no change.
This will not affect the accounting treatment by Mary. No change.
Peter Co. borrowed $200,000 on January 1, 20X4, and signed a two-year note due January 1, 20X6, bearing interest at 12%. Interest is payable in full at maturity along with the principal.
a.What if note was a non-interest bearing note? Record the journal entries for 20X4, 20X5, and 20X6 pertaining to this note. ...Download file to see next pagesRead More
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