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Prepare the appropriate entries for signal on december

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Question - To raise operating funds, Signal Aviation sold an airplane on January 1, 2011, to a finance company for $810,000. Signal immediately leased the plane back for a 14-year period, at which time ownership of the airplane will transfer to Signal. The airplane has a fair value of $841,558. Its cost and its book value were $652,204. Its useful life is estimated to be 16 years. The lease requires Signal to make payments of $104,518 to the finance company each January 1. Signal depreciates assets on a straight-line basis. The lease has an implicit rate of 11%.

Prepare the appropriate entries for Signal on December 31, 2011, to record necessary adjustments.

Reference no: EM131822077

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