Lease Accounting Logan Electronics signed a lease to use a machine for five years. The annual lease
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Lease Accounting Logan Electronics signed a lease to use a machine for five years. The annual lease payment is
$14,200 payable at the end of each year.
1. Record the lease, assuming that the lease should be accounted for as a capital lease and the applicable interest rate is 12%. (Round to the nearest dollar.)
2. For the initial year, record the annual lease payment.
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Related Book For
Accounting Concepts And Applications
ISBN: 9780324376159
10th Edition
Authors: W. Steve Albrecht, James D. Stice, Earl K. Stice, Monte R. Swain
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