Rick Kleckner Corporation recorded a finance lease at 300,000 on January 1, 2015. The interest rate is

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Rick Kleckner Corporation recorded a finance lease at €300,000 on January 1, 2015. The interest rate is 12%. Kleckner Corporation made the first lease payment of €53,920 on January 1, 2015. The lease requires eight annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner Corporation’s December 31, 2015, adjusting entries.

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Intermediate Accounting IFRS Edition

ISBN: 9781118443965

2nd Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield

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