Reference no: EM132842225
On 1 July 2020, Alex Company leased a vehicle from Fred Company. The vehicle cost Fred $47,095.20 considered to be its fair value on that same day. The PV of the lease payment by Alex Ltd on this day computed as $43,420.20.
Required
Problem 1: journal entries for the Company Fred (lessor) at 01 July 2020?
Select one:
a. Dr Lease receivables $47,095.20 , Cr Motor vehicle $47,095.20
b. Dr Lease receivables $43,420.20 , Cr Motor vehicle $43,420.20
c. Dr Right to use of asset (Motor vehicle) $43,420.20 , Cr Lease liability $43,420.20
d. Dr Right to use of asset (Motor vehicle) $31,140.80 , Cr Lease liability $31,140.80
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