McCormick Corporation Ltd., a public company following IFRS, recorded a finance lease at $150,000 on May 1,

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McCormick Corporation Ltd., a public company following IFRS, recorded a finance lease at $150,000 on May 1, 2014. The interest rate is 10%. McCormick Corporation made the first lease payment of $25,561 on May 1, 2014. The lease requires a total of eight annual payments. The equipment has a useful life of eight years with no residual value. Prepare McCormick Corporation's December 31, 2014 adjusting entries.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Intermediate Accounting

ISBN: 978-1118300855

10th Canadian Edition Volume 2

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy

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