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Req $1$ and $2$

The company can purchase the equipment by borrowing $$263,000$ with a $30-$month, $12\%$ installment note. Payments of $$10,190\mathrm{.}75$ are due at the end of each month, and the first installment is due on January $31,2024.$ Record the issuance of the installment note payable for the purchase of the equipment.

The company can sign a $30-$month lease for the equipment by agreeing to pay $$7,865\mathrm{.}87$ at the end of each month, beginning January $31,2024.$ At the end of the lease, the equipment must be returned. Assuming a borrowing rate of $12\%,$ record the lease.

$($If no entry is required for a particular transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.$)$

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Journal entry worksheet

$1$

$2$

The company can sign a $30-$month lease for the equipment by agreeing to pay $$7,865\mathrm{.}87$ at the end of each month, beginning January $31,2024.$ At the end of the lease, the equipment must be returned. Assuming a borrowing rate of $12\%,$ record the lease.

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,$Lease Asset,,$],[,$Lease Payable,,$]]$