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Prepare the appropriate journal entries for the lessor

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Question - On January 1, 2013, Salvatore Company leased several machines from Nola Corporation under a three-year OPERATING lease agreement. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines were acquired by Nola at a cost of $90,000 and are expected to have a useful life of five years with no expected residual value.

Prepare the appropriate journal entries for the lessor from the inception of the lease through the end of 2013.

Reference no: EM131877232

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