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Question
Assume that IBM leased equipment that was carried at a cost of $113,000 to Oriole Company. The term of the lease is 5 years December 31, 2019, with equal rental payments of $26,205 beginning December 31, 2019. The fair value of the equipment at commencement of the lease is $112,999. The equipment has a useful life of 5 years with no salvage value. The lease has an implicit interest rate of 8%, no bargain purchase option, and no transfer of title. Collectibility of lease payments for IBM is probable. Assume the sales-type lease was recorded at a present value of $112,999.
Prepare IBM's December 31, 2020, entry to record the lease transaction with Oriole Company.
What corporate governance and social policy issues are raised by this transaction? How do you think the leadership team at B&D (other than the CEO) will view this transaction? How about the Governor of Maryland (B&D’ home state)?
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