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On january 1, 2018, Bently Works leased a piece of machinery from Gomez Bank. The lease is a(n) 11 year, non-cancellable lease that requires annuaf

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On january 1, 2018, Bently Works leased a piece of machinery from Gomez Bank. The lease is a(n) 11 year, non-cancellable lease that requires annuaf ease payments of $11,000 due at the beginning of each year. The lease has been determined to be a sales-type capitat lease because at least one of he classification criteria has been met. Gomez Bank needs to determine the present value of the inception of the lease. Gomez desires/uses an implicit ate of 10% when pricing leases. Complete the following from the perspective of Gomez Bank. Table Method Date of Delivery Accounts Debit Credit To record the inception of the lease: To record the first paymant

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