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Carla Vista Corporation owned a manufacturing facility. Carla Vista had purchased the building for $ 1 0 , 0 8 0 , 0 0 0
Carla Vista Corporation owned a manufacturing facility. Carla Vista had purchased the building for $ and had recorded $ depreciation on the facility. On January Carla Vista sold the building to Sandhill Ltd for $ and then immediately signed a year agreement to lease back the building for annual payments of $ due at the start of each year. Title to the building would return to Carla Vista at the conclusion of the lease. Sandhill's implied interest rate, which was known to Carla Vista, was
Prepare the journal entries to be recorded by Carla Vista for the fiscal year and January payment assuming a December yearend, and that Carla Vista follows ASPEList all debit entries before credit entries. Credit account ilties are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg If no entry is required, select No entry" for the account tilles and enter for the amounts. Record joumal entries in the order presented in the problem.
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