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Question - Dominion Transport Corporation signs an agreement on January 2, 2020 to lease trucks for a four-year period. The current market value of the trucks on January 2, 2020, is $425,000. The lease agreement calls for annual payments of $90,117. The first payment is made on January 2, 2020, all other payments are made on December 31 of each year. The lease agreement calls for a 8% interest rate. The estimated remaining life of the delivery equipment is six years with a residual value of $10,000. Ownership of the delivery equipment will transfer to Warren Corporation at the end of the lease term.
Required -
a) Prepare the journal entry on January 2, 2020, to record the lease agreement and the first lease payment.
b) Prepare the entry on December 31, 2020, to record the amortization expense.
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