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Purchasing an asset: Short Company purchased land by paying $10,000 cash on the purchase date and agreeing to pay $10,000 for each of the next ten years beginning one-year from the purchase date. Short's incremental borrowing rate is 10%. What is the cost of the land reported on the balance sheet? You are employed in a position that pays an annual salary of $100,000 in 2022 . Other information about your pay and the costs to your employer include the following: - Income taxes withheld total $20,000 - Your entire salary is subject to the FICA tax rate of 7.65% - Your employer offers to match your contributions to a 401k play up to 5% of your salary. You decide to have the 5% withheld from your pay, and your employer matches as promised. - Your health insurance has a total annual cost of $15,000. Your contract stipulates that you must pay 20\% of the health insurance through a payroll deduction and the employer pays 80%. - Unemployment taxes of 5% on the first $30,000 of your salary must be paid. Purchase of car: You are purchasing a car that has a cost of $40,000. You tell the dealer that you have $10,000 in cash and would like to finance the rest. The car loan offered is for 30 months at 12% annual rate of interest. What is the amount of the equal monthly payment that would be required for the loan? Purchasing an asset: Short Company purchased land by paying $10,000 cash on the purchase date and agreeing to pay $10,000 for each of the next ten years beginning one-year from the purchase date. Short's incremental borrowing rate is 10%. What is the cost of the land reported on the balance sheet? You are employed in a position that pays an annual salary of $100,000 in 2022 . Other information about your pay and the costs to your employer include the following: - Income taxes withheld total $20,000 - Your entire salary is subject to the FICA tax rate of 7.65% - Your employer offers to match your contributions to a 401k play up to 5% of your salary. You decide to have the 5% withheld from your pay, and your employer matches as promised. - Your health insurance has a total annual cost of $15,000. Your contract stipulates that you must pay 20\% of the health insurance through a payroll deduction and the employer pays 80%. - Unemployment taxes of 5% on the first $30,000 of your salary must be paid. Purchase of car: You are purchasing a car that has a cost of $40,000. You tell the dealer that you have $10,000 in cash and would like to finance the rest. The car loan offered is for 30 months at 12% annual rate of interest. What is the amount of the equal monthly payment that would be required for the loan

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