Haystack, Inc. manufactures machinery used in the mining ind…

Haystack, Inc. manufactures machinery used in the mining industry. On January 2, 2028, it leased equipment for $480,000 to Silver Point Co. The 5-year lease calls for a 10% down payment and equal annual payments of $175,820 at the end of each year. The equipment has an expected useful life of 5 years. Silver Point’s incremental borrowing rate is 10%, and it depreciates similar equipment using the double-declining balance method. The selling price of the equipment is $780,000, and the rate implicit in the lease is 8%, known to Silver Point. What is the book value of the leased asset at December 31, 2028?

Estevez Company’s salaried employees are paid biweekly. Occa…

Estevez Company’s salaried employees are paid biweekly. Occasionally, advances made to employees are paid back by payroll deductions. Information relating to salaries for the calendar year 2029 is as follows: 12/31/2028 12/31/2029 Employee advances $24,000 $36,000 Accrued salaries payable 160,000 ? Salaries expense during the year 1,400,000 Salaries paid during the year (gross) 1,250,000 At December 31, 2029, what should Estevez report for accrued salaries payable?