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Sheridan Company, a machinery dealer, leased a machine to Sunland Corporation on January 1 , 2 0 2 5 . The lease is for an
Sheridan Company, a machinery dealer, leased a machine to Sunland Corporation on January The lease is for an year period and requires equal annual payments of $ at the beginning of each year. The first payment is received on January Sheridan had purchased the machine during for $ Collectibility of lease payments by Sheridan is probable. Sheridan set the annual rental to ensure a rate of return. The machine has an economic life of years with no residual value and reverts to Sheridan at the termination of the lease. Click here to view factor tables. a Your answer is correct. Compute the amount of the lease receivable. For calculation purposes, use decimal places as displayed in the factor table provided and round final answer to decimal places eg Amount of the lease receivable eTextbook and Media List of Accounts Attempts: of used b Prepare all necessary journal entries for Sheridan for List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Round answers to decimal places eg Record journal entries in the order presented in the problem. Date Account Titles and Explanation Debit Crec RightofUse Asset Cash To record the lease To record the first lease payment
Sheridan Company, a machinery dealer, leased a machine to Sunland Corporation on January The lease is for an year period
and requires equal annual payments of $ at the beginning of each year. The first payment is received on January
Sheridan had purchased the machine during for $ Collectibility of lease payments by Sheridan is probable. Sheridan set
the annual rental to ensure a rate of return. The machine has an economic life of years with no residual value and reverts to
Sheridan at the termination of the lease.
Click here to view factor tables.
a
Your answer is correct.
Compute the amount of the lease receivable. For calculation purposes, use decimal places as displayed in the factor table provided
and round final answer to decimal places eg
Amount of the lease receivable
eTextbook and Media
List of Accounts
Attempts: of used
b
Prepare all necessary journal entries for Sheridan for List all debit entries before credit entries. Credit account titles are
automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and
enter for the amounts. Round answers to decimal places eg Record journal entries in the order presented in the problem.
Date
Account Titles and Explanation
Debit
Crec
RightofUse Asset
Cash
To record the lease
To record the first lease payment
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