Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2008, which requires 6
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Indiana Jones Corporation enters into a 6-year lease of equipment on January 1, 2008, which requires 6 annual payments of $30,000 each, beginning January 1, 2008. In addition, Indiana Jones guar- antees the lessor a residual value of $20,000 at lease-end. The equipment has a useful life of 6 years. Prepare Indiana Jones' January 1, 2008, journal entries assuming an interest rate of 10%.
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Related Book For 
Intermediate Accounting 2007 FASB Update Volume 2
ISBN: 9780470128763
12th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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