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PROBLEM #4 On 12/31/16, Hall Inc entered into a lease agreement with Oates Co Hall leased a machen Oates for 9 years. The estimated useful
PROBLEM #4 On 12/31/16, Hall Inc entered into a lease agreement with Oates Co Hall leased a machen Oates for 9 years. The estimated useful life of the machine i9 ear lease term, ownership of the machine annual payments of $150,000, to present value factor of an annuity due is 633 at 10% will transfer begin on 1231/16. The borowing rate is 10%d to C table for 12/31/16& 123/17 a. Prepare a lease b. Prepare journal entries for both Hall &0ates for 12/31/16&1231/17
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