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Prepare all necessary journal entries for ayayai

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Ayayai Company, a machinery dealer, leased manufacturing equipment to Mays Corporation on January 1, 2017. The lease is for a 7-year period and requires equal annual payments of $21,157 at the beginning of each year. The first payment is received on January 1, 2017.

  • Ayayai had purchased the machine during 2016 for $80,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Ayayai. Ayayai set the annual rental to ensure an 7% rate of return.
  • The machine has an economic life of 8 years with no residual value and reverts to Ayayai at the termination of the lease.

Question 1: Prepare all necessary journal entries for Ayayai for 2017. (Round answers to 0 decimal places e.g. 5,125.)

Reference no: EM132586426

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