On march 6 sargento cheese co leased a copier from copiers

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Reference no: EM13569870

On March 6, Sargento Cheese Co. leased a copier from Copiers "R" Us. The term of the lease was 3 yrs, equal payments with the first payment due March 6, 2013. Sargento's normal borrowing rate is 8%. Sargento uses the straight line depreciation method, no salvage value, and 3 yrs life. Sargento's fiscal end is Sept. 30, 2013. Copiers "R" Us is the manufacturer of the copier. They use the double declining balance method, 35,000 salvage value, and 5 yr life for all depreciable assets. Copier's "R" Us sells this copier for 345,000 and makes a normal gross profit of 40%. Copier's "R" Us has a fiscal yr end of June 30, 2013. Required * Record all JE of Sargento for their yr ending 2013 involving the lease and any adjusting entries.From those JE, show the account & its balance that would be reported on the Income statement of cash flow Balance Sheet.

Reference no: EM13569870

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