3 accounting and 2 employment law questions

There are 5 questions: 3 in accounting and 2 in employment law. The questions aren’t related and should be answered separately with the correlating question number on top. Needed in 6 hours. References are required.

Question 1
Class, how the residual value impacts the computation of minimum rental payments by the Lessor and the computation of amount to be capitalized by the Lessee? How do Lessee and Lessor account for Depreciation under operating and capital lease? Please let me know if you have any questions.
Question 2
Kingdom Leasing Inc. agrees to lease jousting equipment to Knight Inc. on Jan 1, 2014. They agree on the following terms:
1) The normal selling price of the jousting equipment is $410000 and the cost of the asset to Kingdom Leasing Inc. was $250000.
2) Knight will pay all maintenance, insurance, and tax costs directly and annual payments of $60000 on Jan 1 each year.
3) The lease begins on Jan 1, 2014 and payments will be in equal annual installments.
4) The lease is noncancelable with no renewal option. The lease term is 10 years (the same as the estimated economic life).
5) At the end of the lease, the jousting ring will revert to Kingdom Leasing Inc. and have an unguaranteed residual value of $30000. Their implicit interest rate is 10%.
6) Kingdom Leasing, Inc. incurred costs of $6500 in negotiating and closing the lease. There are no uncertainties regarding additional costs yet to be incurred and the collectability of the lease payments is reasonably predictable.
a) Determine what type of lease this would be for Kingdom Leasing Inc. and calculate the following: (Show all work.)
Lease Receivable
Sales Price
Cost of Sales
b) Prepare Kingdom’s amortization schedule for the lease terms.
c) Prepare all the journal entries for Kingdom for 2014. Assume a calendar year fiscal year.

Question 3
Use the data given in question 2 and answer the required questions to record the lease in the Knight Inc.’s books.
a) Determine what type of lease this would be for the lessee and calculate the initial obligation.
b) Prepare Knight Inc.’s amortization schedule for the lease terms.
c) Prepare all the journal entries for Knight Inc. for 2014. Assume a calendar year fiscal year.
Question 4
Several things have been mentioned in which an employer can consider in making accommodations to those who may have religious practices that at one time may have seemed intrusive to the employer. In general the accommodations may be more easily made with a large employer, but does a much smaller employer have the same flexibility? At what point would making an accommodation to allow an employee time off or change shifts become an undue burden for the employer and be defensible should an accommodation not be granted?
Question 5
Some would say that discrimination is in the “eye of the beholder”. There may be very few blatant acts of age discrimination in employment when the sole reason for the adverse action against the employee is based on one’s age. However, when you are the employee, your perception of the reason for the action against you may be perceived as discriminatory since many of us will “rationalize” when something bad happens to us. In other words, rather than recognizing that our employment was adversely affected by the results of our poor work performance, it is more acceptable to us to believe that it was because we are in a protected group. Do you agree or disagree with this observation?

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