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Question - The following are characteristics of a lease entered into on January 1, 2020:
Price of leased asset from manufacturer 278,287
Lease payments 75,000
Lease term 4 years
Lease frequency Annual
Payment timing End of year
Guaranteed residual value 15,000
Expected payout under the guaranteed residual 15,000
Interest rate implicit in the lease agreement 5%
Required - SHOW YOUR WORK
a. Determine the appropriate classification for this lease for the lessor (who is not the manufacturer).
b. Record the journal entries for the lessor for the first year of the lease.
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