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A Sale Snoopy Corp. (SC), the seller-lessee, sells a building on January 1, 2017, to Mickey Inc. (MI), the buyer- lessor, for $2,000,000 cash. At the same time, SC enters into a contract with MI for the right to use the building for 18 years, with annual payments of $120,000 payable at the end of each year. Other pertinent facts follow:
Required:
Lessee:
Problem a) Prepare the journal entries for SC, the seller-lessee, for January 1, 2017 (recognition and initial measurement).
Problem b) Prepare the journal entries for SC, the seller-lessee, for December 31, 2017 (subsequent measurement).
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