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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 inte rate of 5%. The contract calls for four rent payments of $57,000 each, payable semiannually on June 30 anc December 31 each year. The equipment was acquired by Jamison Leasing at a cost of $377,000 and was expected to have a useful life of five years with no residual value. Both firms record amortization and depreclation semi-annually. Required: Prepare the appropriate journal entries for the lessor (Jamison Leasing) from the beginning of the lease thro the end of 2024. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first accoun fleld. Journal entry worksheet Note: Enter debits before credits. Journal entry worksheet Record the amortization or depreciation expense for Jamison Leasing. Journal entry worksheet 1) 2 4 Record the second payment received by Jamison Leasing. Journal entry worksheet Record the amortization or depreciation expense for Jamison Leasing
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