Referring to the information in Brief Exercise 17-33, record Franklin's required journal entry at the commencement of
Question:
Referring to the information in Brief Exercise 17-33, record Franklin's required journal entry at the commencement of the lease, assuming that the collectibility of payments is not probable.
Exercise 17-33
Franklin Co. leased its manufactured equipment to Parker Inc. for a 4-year term. Franklin Co. reported a book value of \(\$ 55,000\) for the equipment in its inventory account. The lease commenced on January 1,2020 , with the first annual payment of \(\$ 18,500\) due immediately. The equipment has a useful life of 4 years, an estimated fair value of \(\$ 68,880\), and no residual or salvage value. The implicit rate of the lease is \(5 \%\) and collectibility of the lease payments from Parker is probable. Record Franklin's journal entries at the commencement of the salestype lease.
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