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Question: Werner Chemical Inc. leased a protein analyzed on September 30, 2018. The five-year lease agreement cats for Werner to make quarterly lease payments of $329, 329. payable each September 30. December 31, March 31, June 30, with the first payment at September 30, 2018 Werner's incremental borrowing rate is 16% Analyzation is recorded on a straight line basis at the end of each fiscal year. The useful life of the equipment is five years (FV of $1 PV of $1 FVA of $1, PVA of $1, FAVD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.)

Determine the present value of the lease payments at September 30, 2018.

What pretax amounts related to the lease would Werner report in its balance sheet at December 31, 2018?

What pretax amounts related to the lease would Werner report in its income statement for the year ended December 31, 2018?

What pretax amounts related to the lease would Werner report in its income statement of cash flows for year ended December 31, 2018?

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Accounting Basics, Accounting

Category:- Accounting Basics
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