Question
Recording Sales-Type Lease Journal Entries Residual Value Kelly Inc. leased equipment, originally reported in inventory, to General Engines Inc. for a 4-year lease term and
Recording Sales-Type Lease Journal Entries Residual Value
Kelly Inc. leased equipment, originally reported in inventory, to General Engines Inc. for a 4-year lease term and recorded the lease as a sales-type lease. At the expiration of the lease, the equipment had a fair value equal to the guaranteed residual value of $13,000, and was returned to Kelly Inc.
Record Kelly Inc.s journal entry for the return of the equipment.
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Business Information Systems For Accounting Students
Authors: Martin Quinn
1st Edition
0273773526, 9780273773528
