Gray Company leased a delivery truck on January 1, 2012. The lease requires annual payments of $7,500

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Gray Company leased a delivery truck on January 1, 2012. The lease requires annual payments of $7,500 for seven years at a 12% rate of interest payable at the end of each year. The company classifyes this lease as a capital lease. Make the necessary journal entry (or entries) to record the lease of this asset.


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Accounting concepts and applications

ISBN: 978-0538745482

11th Edition

Authors: Albrecht Stice, Stice Swain

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