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On January 1, 2018, Morris Production leased a machine from Werner Leasing under a finance lease Lease payments are made annually. Title does not
On January 1, 2018, Morris Production leased a machine from Werner Leasing under a finance lease Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by Morris. Payments are made annually starting with the beginning of the lease. The asset has an expected economic life of 30 years. Portions of the Morris Production's lease amortization schedule appear below:
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
5th edition
9780133851281, 013385129x, 9780134077321, 133866297, 133851281, 9780133851298, 134077326, 978-0133866292
