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Problem - Assume that IBM leased equipment that was carried at a cost of $97,000 to Crane Company. The term of the lease is 5 years December 31, 2019, with equal rental payments of $22,879 beginning December 31, 2019. The fair value of the equipment at commencement of the lease is $97,001. The equipment has a useful life of 5 years with no salvage value. The lease has an implicit interest rate of 9%, 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 $97,001.
Required - Prepare IBM's December 31, 2020, entry to record the lease transaction with Crane Company.
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