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Scape Corp. manufactures phony equipment. Scape leased equipment to User, Inc., on 1st January, 2013. Scape produced the equipment at a cost of $5,000,000.
Lease description:Quarterly rental payments $522,064 at starting of each periodLease term five yearsNo residual value, no BPOEconomic life of machine 5 yearsImplicit interest rate andlessee's incrementalborrowing rate 12 percentFair value of asset $8,000,000Collectibility of the rental payments is reasonably assured, and there are no lessor costs yet to beincurred.
Required:
Prepare suitable entries for both User and Scape from the inception of the lease through the second rental payment on 1st April, 2013. Depreciation is recorded at the end of each fiscal year (31st December).
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