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Prepare the necessary entries for both parties

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Reference no: EM13513343

On January 1, 19A, Lessor rents a machine having a 5-year life to Lessee for a 3-year lease period. The lease agreement does not meet the necessary conditions for a capital lease. On this date, Lessee pays the entire rental of $15,000 ($5,000 per year) and Lessor incurs initial direct costs of $1,200 in consummating the lease. This machine has a cost to Lessor of $25,000. Prepare the necessary entries for both parties for 19A.

Reference no: EM13513343

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