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On January 1, 2020, Concord Animation sold a truck to Peete Finance for $36,000 and immediately leased it back. The truck was carried on Concord's books at $32,000. The term of the lease is 3 years, there is no bargain purchase option, and title does not transfer to Concord at lease-end. The lease requires three equal rental payments of $11,000 at the end of each year (first payment on January 1, 2021). The appropriate rate of interest is 4%, the truck has a useful life of 5 years, and the residual value at the end of the lease term is expected to be $14,000, none of which is guaranteed.
Problem 1: Prepare Concord's 2020 journal entries.
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