Question
HELP: I need help with this problem please M leased a machine on 11-30-19. The machines estimated useful life is 3 years. The non-cancelable lease
HELP: I need help with this problem please
M leased a machine on 11-30-19. The machines estimated useful life is 3 years. The non-cancelable lease required M to make 5 monthly lease payments of $6,000 every month with the first lease payment occurring on 11-30-19. Ms incremental borrowing rate is 3%. At the end of the lease, M will return the machine to the lessor. M uses the straight-line amortization method (no residual value). M only prepares AJEs every June 30. Prepare the lease-related entries C should make on:
a) 11-30-19
b) 12-31-19
c) 01-31-20
d) 02-29-20
e) 03-31-20
f) 04-30-20
g) 05-31-20
h) 06-30-20
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