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Question - In December 31, 2019, Skysong Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Skysong to make annual payments of $8,476 at the beginning of each year of the lease, starting December 31, 2019. The machine has an estimated useful life of 6 years and a $5,200 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Skysong uses the straight-line method of depreciation for all of its plant assets. Skysong's incremental borrowing rate is 9%, and the lessor's implicit rate is unknown.
Required -
(a) What type of lease is this?
(b) Compute the present value of the lease payments.
(c) Prepare all necessary journal entries for Skysong for this lease through December 31, 2020.
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