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Make lost ark january journal entries

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Buffalo Corporation enters into a 6-year lease of equipment on January 1, 2017, which requires 6 annual payments of $40,100 each, beginning January 1, 2017. In addition, Buffalo guarantees the lessor a residual value of $20,300 at lease-end. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the equipment is $199,159.

Problem 1: Make Lost Ark's January 1, 2017, journal entries.

Reference no: EM132745911

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