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would you please help to answer this question. Pharosh Corporation manufactures drones. On December 31, 2024, it leased to Oriole Company a drone that had
would you please help to answer this question.
Pharosh Corporation manufactures drones. On December 31, 2024, it leased to Oriole Company a drone that had cost $105,300 to manufacture. The lease agreement covers the 5 -year useful life of the drone and requires 5 equal annual rentals of $43.200 payable each December 31, beginning December 31, 2024. An interest rate of 10% is implicit in the lease agreement. Collectibility of the rentals is probable. Prepare Pharoah's December 31. 2024, journal entries. (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 anoints for calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places es. 5,275.) Click here to view factor tables. (To record receipt of lease payment) Pharoah Corporation manufactures drones. On December 31,2024, it leased to Oriole Company a drone that had cost \$105.300 to manufacture. The lease agreement covers the 5 -year useful life of the drone and requires 5 equal annual rentals of $43.200 payable each December 31, beginning December 31, 2024. An interest rate of 10% is implicit in the lease agreement. Collectibility of the rentals is probable. Prepare Pharoah's December 31, 2024, journal entries. (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 O for the amounts. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places e.g. 5,275 J Click here to view factor tables. (To record receipt of lease payment)
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