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Journalize? the acquisition of the? equipment

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XYZ Construction Inc. acquired equipment under a capital lease that requires six annual lease payments of ?$22,500. The first payment is due when the lease begins on January? 2, 2020. Future payments are due on January 2 of each year of the lease term. The interest rate in the lease is 9 percent and the present value of the five future lease payments is ?$87,517.

Problem 1: Journalize? (a) the acquisition of the? equipment, (b) the amortization for 2020?, ?(c) the accrued interest at December? 31, 2020?, and? (d) the second lease payment on January? 2, 2021

Reference no: EM132745051

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