(L04) Geiberger Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator that...
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(L04) Geiberger Corporation manufactures replicators. On January 1, 2017, it leased to Althaus Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful life of the replicator and requires 5 equal annual rentals of $40,800 payable each January 1, beginning January 1, 2017. An interest rate of 12% is implicit in the lease agreement.
Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs. Prepare Geiberger’s January 1, 2017, journal entries.
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