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On January 1, 2024, Robertson Construction leased several Items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for
On January 1, 2024, Robertson Construction leased several Items of equipment under a two-year operating lease agreement from Jamison Leasing, which routinely finances equipment for other firms at an annual Interest rate of 5%. The contract calls for four rent payments of $54,000 each, payable semlannually on June 30 and December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $387,000 and was expected to have a useful lIfe of slx years with no residual value. Both firms record amortization and depreclation semi-annually. Requlred: Prepare the appropriate journal entrles for the lessor (Jamison Leasing) from the beginning of the lease through the end of 2024. Note: If no entry Is requlred for a transaction/event, select "No journal entry requlred" In the first account fleld. Journal entry worksheet 4 Record the first payment received by Jamison Leasing. Note: Enter debits before credits. Journal entry worksheet Record the amortization or depreciation expense for Jamison Leasing. Note: Enter debits before credits. Journal entry worksheet 1 Record the second payment received by Jamison Leasing. Note: Enter debits before credits. Journal entry worksheet 1 Record the amortization or depreciation expense for Jamison Leasing. Note: Enter debits before credits
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