On January 1 of the current year, Fields Corporation leased a machine from Kilmer Company. The machine originally cost Kilmer $450,000. The lease is an operating lease that requires for five annual payments of $54,000 beginning on January 1 of the current year. Which of the following journal entries should Kilmer record on January 1 of the current year?

Sprinkle Co. sells its product for $20 per unit. During 2013, it produced 60,000 units and sold 50,000 units (there was no beginning inventory). Costs per unit are: direct materials $5, direct labor $3, and variable overhead $1. Fixed costs are: $240,000 manufacturing overhead, and $30,000 selling and administrative expenses. Ending inventory under variable costing is

a. $90,000. b. $130,000. c. $200,000. d. $450,000.

If a residential building permit was issued on a listed property before January 1, 1978, the seller is required by federal law to remove all lead-based paint.

a. true b. false