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Sanders Leasing Company signs an agreement on January 1, 2020, to lease equipment to El Paso Company. The following information relates to this agreement:
Instructions
(Round all numbers to the nearest dollar.)
Question (a) Assuming the lessor desires an 8% rate of return on its investment, calculate the amount of the annual rental payment required. (Round to the nearest dollar.)
Question (b) What is the amortization schedule that is suitable for the lessor for the lease term.
Question (c) What are the journal entries for the lessor for 2020 and 2021 to record the lease agreement, the receipt of lease payments, and the recognition of revenue. Assume the lessor's annual accounting period ends on December 31, and it does not use reversing entries.
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