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Recording Finance Leasejournal Entries- Purchase Option Lessee Company enters into a 6-year finance lease of non-specialized equipment with Lessor Company onjanuary 1, 2020. Lessee has agreed to pay $28,000 annually beginning immediately on January 1, 2020. The lease includes an option for the lessee to purchase the equipment at $3,000, which is $2,000 below the estimated fair value at lease end. Lessee Company is reasonably certain that it will exercise the purchase option. The economic life of the asset is 7 years. The lessee's incremental borrowing rate is 2% and the lessor's implicit rate is not readily determinable by the lessee.
Problem 1: Record Lessee Company's journal entries on (a) january 1, 2020, and (b) December 31, 2020, assuming that the lease is properly classified as a finance lease
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What is the book value of the machine at the end of 2014 if the company uses straight-line depreciation? Which of the following is NOT one of the purposes of internal control? Which of the following should be included in the cost of land? What is the..
Cash is $475,000, Accounts Payable is $200,000, Accounts Receivable is $150,000, Wages Payable is $225,000, Bonds Payable is $700,000, Inventory is $750,000.
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