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Make all the journal entries needed for candra

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Candra Company, machine dealer, machine repairer to Dodi Company on January 1, 2017. The lease is valid for a period of 8 years and requires the same annual payment of $ 35,013 at the beginning of each year. The first payment was received on January 1, 2017. Candra purchased the machine in 2016 for $ 160,000 The lease payment was reasonably predictable, and Candra estimated there was no significant uncertainty regarding the costs to be borne. Candra sets an annual rent to ensure a 10% return rate. The machine has an economic life of 8 years with no residual value and will be returned to Candra at the end of the lease term.

Requested

Question 1. Calculate the amount of the loan due

Question 2. Make all the journal entries needed for Candra during 2017

Reference no: EM132576985

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