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Prepare Larkspur December journal entries

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Question - Larkspur Corporation manufactures drones. On December 31, 2019, it leased to Althaus Company a drone that had cost $104,800 to manufacture. The lease agreement covers the 5-year useful life of the drone and requires 5 equal annual rentals of $37,400 payable each December 31, beginning December 31, 2019. An interest rate of 11% is implicit in the lease agreement. Collectibility of the rentals is probable.

Required - Prepare Larkspur's December 31, 2019, journal entries.

Reference no: EM133053069

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