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THERE ARE 8 JOURNAL ENTRY ROWS PLEASE DONT TAKE THE QUESTION IF YOU CANT ANSWER IT ! ! ! ! Oriole COmpany ( Machinery dealer

THERE ARE 8 JOURNAL ENTRY ROWS PLEASE DONT TAKE THE QUESTION IF YOU CANT ANSWER IT!!!!
Oriole COmpany (Machinery dealer) leased a maching to Pharoah Corporation Jan. 12025. Lease if for an 8-year period and requires equal annual payments of 31,144 at the beginning of each year. The first payment is recieved Jan 1st 2025. Oriole had purchased the machine furing 2024 for $123,000. Collectibility of lease payments by Oriole id probale. Oriole set the annual rental to ensure a 6% rate of return. The machine has an economic life of 10years with no residual value and reverts to Oriole at the termination of the lease. (b)
Prepare all necessary journal entries for Oriole for 2025.(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 0 for the amounts. Round answers to 0 decimal places e.g.5,275. Record journal entries in the order presented in the problem.)
Date
Account Titles and Explanation
Debit
Credit
Right-of-Use Asset
(To record the lease)
Unearned Lease Revenue
(To record the first lease payment)
THERE ARE 8 JOURNAL ENTRY ROWS!!!!!! 8!! PLEASE DON"T TAKE THE QUESTION F YOU ARE NOT GOING TO ANSWER IT!!!
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