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Prepare appropriate journal entries for bbc leasing

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Question - P&G Company leased equipment from BBC on January 1, 2015. Rust manufactured the equipment at a cost of $90,000.

Other information:

Lease term: 3 years

Annual payments: $40,000

Life of asset: 3 years

Fair value of assets: $111,332

Implicit interest rate: 8%

Incremental rate: 8%

There is no expected residual value.

Required: Prepare appropriate journal entries for BBC Leasing for 2015. Assume a December 31 year-end.

Reference no: EM132048393

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