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Prepare the hester entries for the given year

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Question: On January 1, 2018, Hester Co. sells machinery to Beck Corp. at its fair value of $960,000 and leases it back. The machinery had a carrying value of $840,000, the lease is for 10 years and the implicit rate is 10%. The lease payments of $142,000 start on January 1, 2018. Hester uses straight-line depreciation and there is no residual value.

Instructions: Prepare all of Hester's entries for 2018.

Reference no: EM131759542

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