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Prepare the entries for both conceptual and parole inc

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Reference no: EM131831633

Problem - Conceptual Leasing bought a grader for $600,000 and the leased it back to Parole Inc. on January 1, 2011.

The description of the lease follows:

• Quarterly Rent Payments=$34,000

• Leaser term= 4 years (16 quarters)

• No residual value of BPO present

• Economic life of the grader is 5 years

• Lessee's borrowing rate is 10%

• Fair Value of the grader is $600,000

The collection of rental payment is reasonably assured and there are no lessor costs to be incurred.

Prepare the entries for both Conceptual and Parole Inc. from the start of the lease through the rental payment on April 1, 2011.

Reference no: EM131831633

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