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Question - On January 1, 2021, Maywood Hydraulics leased drilling equipment from Aqua Leasing for a four-year period ending December 31, 2024, at which time possession of the leased asset will revert back to Aqua. The equipment cost Aqua $432,398 and has an expected economic life of five years. Aqua and Maywood expect the residual value at December 31, 2024, to be $68,000. Negotiations led to Maywood guaranteeing a $97,000 residual value.
Equal payments under the lease are $136,000 and are due on December 31 of each year with the first payment being made on December 31, 2021. Maywood is aware that Aqua used a 6% interest rate when calculating lease payments.
Required - Prepare the appropriate entries for Maywood on January 1, 2021 and December 31, 2021, related to the lease.
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