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Journal entry to record lease two on day of signing lease

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Reference no: EM132734818

Lily pan enterprises entered into two lease agreements for 5 years on jan 1 20x0. both leases require a payment of $15000 per year at the end of each year. lease 1 is structured as an operating lease while lease 2 in structured as a capital lease with an implicit rate of 5%.

Question 1: Required is journal entries for

note - Use 3 decimal point time value of money factors

a. the day of signing the lease contract
b. the day of the first lease payment
c. journal entry to record Lease 2 on the day of signing the lease?
d. journal entry to record Lease 2 on the day of the first lease payment?

 

Reference no: EM132734818

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