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Question - Nash Corporation enters into a 5-year lease of equipment on December 31, 2019, which requires 5 annual payments of $36,000 each, beginning December 31, 2019. In addition, Nash guarantees the lessor a residual value of $19,900 at the end of the lease. However, Nash believes it is probable that the expected residual value at the end of the lease term will be $9,950. The equipment has a useful life of 5 years.
Prepare Nashs' December 31, 2019, journal entries assuming the implicit rate of the lease is 10% and this is known to Nash.
Record the transactions in the purchases journal, cash payments journal, and general journal. Total and rule the purchases and cash payments journals
Prepare journal entries on the Sandhill Company books to record all the events noted above under each of the following bases
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What are the key issues
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