On january 1, 2018, rick’s pawn shop leased a truck from chumley motors for a five-year period with an option to extend the lease for three years. rick’s had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. annual lease payments are $15,500 due on december 31 of each year, calculated by the lessor using a 5% interest rate. the agreement is considered an operating lease. (fv of $1, pv of $1, fva of $1, pva of $1, fvad of $1 and pvad of $1) (use appropriate factor(s) from the tables provided.) required: 1. prepare rick’s journal entry to record for the right-of-use asset and lease liability at january 1, 2018. 2. prepare the journal entries to record interest and amortization at december 31, 2018.

Acontractor was awarded a purchase order for commercial items for $1.5 million under the authority of far subpart 13.5. the purchase order was issued in november 2010 and containedall applicable clauses that were current as of the date of the purchase order. under the purchase order, the contractor is required to comply with a small business subcontracting plan that contains all of the required elements. which of the following is true? a. the contractor must submit a standard form 294, subcontracting report for individual contracts. b. the contractor must submit an individual subcontracting report through the electronic subcontracting reporting system (esrs). c. the contractor may submit either an sf 294 or report its subcontracting through esrs. d. the contractor is not required to submit any subcontracting reports.