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Hello, There are 13 specific entries It looks like they repeat, but I thought i would give you the drop-down box of the list any
Hello, There are 13 specific entries It looks like they repeat, but I thought i would give you the drop-down box of the list any way. Thank you!!!
The following relate to an operating lease agreement a. The lease term is 3 years, beginning January 1, 2021 b. The leased asset cost the lessor $920,000 and had a useful life of eight years with no residual value. The lessor uses straight-line depreciation for its depreciable assets. c. Annual lease payments at the beginning of each year were $144,500. d. Incremental costs of negotiating and consummating the completed lease transaction incurred by the lessor were $4,200. Requlred: Prepare the appropriate entries for the lessor from the beginning of the lease through the end of the lease term. (Round your Intermedlate and final answers to the nearest whole dollar amount. If no entry Is requlred for a transactlon/event, select "No journal entry required" In the first account fleld.) View transaction list X 13 1 Record the cash received. 2 Record the payment of initial direct costs. 3 Record the cost of the lease. 4 Record the depreciation expense. 5 Record the lease revenue Credit Record the cash received. 6 144,500Step by Step Solution
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