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Prepare all necessary journal entries for the company

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Question - The following facts pertain to a non-cancelable lease agreement between Tamarisk Leasing Company and Carla Vista Company, a lessee.

Commencement date May 1, 2020 Annual lease payment due at the beginning of each year, beginning with May 1, 2020 $19,656.69

Bargain purchase option price at end of lease term $7,000

Lease term 5 years

Economic life of leased equipment 10 years

Lessor's cost $65,000

Fair value of asset at May 1, 2020 $93,000

Lessor's implicit rate 6%

Lessee's incremental borrowing rate 6%

The collectibility of the lease payments by Tamarisk is probable.

Suppose the collectibility of the lease payments was not probable for Tamarisk. Prepare all necessary journal entries for the company in 2020.

Reference no: EM133038351

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