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and advance payment of $32,736.16, followed by eight monthly
payments of $5,684.04, for a total of $78,208, with a $1,000 buy
out option at the end of the 8 months. UCI exercised the buy out
option. The lease was signed by Schubert and dated June 27,
1989.
UCI was sent an invoice for the etcher by the supplier. The
terms were 50 percent down and 50 percent net 30 days after
shipment. UCI paid with two $26,220.50 checks dated November 9,
1989, and June 21, 1990, for a total of $52,441. The invoices
did not contain a provision for the return of the equipment to
the lessor or a buy out option. The checks were signed by Jump,
and the invoice was dated October 17, 1989.
The filter press was acquired on a series of invoices from
Jim's Plating Supply, Inc. There were a total of seven monthly
invoices, each one requesting a payment of $1,168.13. The
invoices did not contain a buy out option or a provision to
return the equipment to the lessor. The invoices were dated June
through December 1989.
The air compressor was acquired on a Compu Rent lease
agreement that required an advance payment of $1,574.60 and 10
monthly payments of $787.30. The agreement did not contain a buy
out provision. The agreement was signed by Jump and dated
May 15, 1990.
UCI recorded the payments for the equipment under "Lease
Expense" on its ledgers. The useful life of the equipment
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