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Show all necessary journal entries for wildhorse

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Question - Wildhorse Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2017. The lease is for an 8-year period and requires equal annual payments of $32,737 at the beginning of each year. The first payment is received on January 1, 2017. Wildhorse had purchased the machine during 2016 for $146,000. Collectibility of lease payments is reasonably predictable, and no important uncertainties surround the amount of costs yet to be incurred by Wildhorse. Wildhorse set the annual rental to ensure an 11% rate of return. The machine has an economic life of 10 years with no residual value and reverts to Wildhorse at the termination of the lease. Show all necessary journal entries for Wildhorse for 2017.

Reference no: EM132539068

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