ABC Co. specializes in leasing large storage units to other businesses. ABC entered a contract to lease a storage unit to Smith, Inc. for 4 years when that particular storage unit had a remaining useful life of 5 years. The fair value of the unit was $16,000 at the commencement of the lease on January 1, 2017. The present value of the five equal rental payments of $4,204 at the start of each year, plus the present value of a guaranteed residual value of $1,000, equals the fair value of $16,000, ABC's implicit rate of return on the lease of 7%. The following is a correct, complete amortization schedule created by ABC. Date Lease Payment Interest (7%) on Reduction of Balance of Outstanding Lease Lease Receivable Lease Receivable Receivable1/1/17 $16,0001/1/17 $4,204 $4,204 11,7961/1/18 4,204 $826 3,378 8,4181/1/19 4,204 589 3,615 4,8031/1/20 4,204 336 3,868 93512/31/20 1,000 65 935 0 $17,816 $1,816 $16,000Given the above schedule, make the appropriate entries at December 31, 2020, to record the accrual of interest and the return of the storage unit to Pharoah (assuming the unit is returned on December 31, 2020, at the expected and guaranteed residual value of $1,000).Record accrual of interest:Record residual value of asset:

Which of the following accurately describes a situation in which consumers have elastic demand? a. a restaurant starts using margarine instead of butter because butter becomes more expensive. b. consumers boycott a restaurant because the waiters aren't paid minimum wage. c. a company starts using sugar instead of corn syrup because its revenues are up. d. people give up eating pasta and bread because they want to lose weight. 2b2t

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

How much are you willing to pay for a zero that matures in 10 years, has a face value of $1,000 and your required rate of return is 7%? round to the nearest cent. do not include a dollar sign in your answer. (i.e. if your answer is $432.51, then type 432.51 without $ sign)