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Record interest expense and depreciation

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Question - Wildhorse Corporation recorded a finance lease at $350,000 on January 1, 2017. The interest rate is 10%. Wildhorse Corporation made the first lease payment of $59,641 on January 1, 2017. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Wildhorse Corporation's December 31, 2017, adjusting entries. Assume straight-line depreciation.

How to record interest expense and depreciation?

Reference no: EM132431232

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