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On August 1, 2018, Dorchester Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000.The annual interest rate
On August 1, 2018, Dorchester Company entered into a capital lease, and correctly recorded the leased asset, and related obligation at $100,000.The annual interest rate implicit in the lease was 9%, and the first lease payment of $1,600 is due at the end of each month of the lease.Use this information to prepare the General Journal entry (without explanation) for the August 31, 2018 monthly lease payment.
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