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Show Lost Arks January journal entries

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Question - Splish Corporation enters into a 6-year lease of equipment on January 1, 2017, which requires 6 annual payments of $37,100 each, beginning January 1, 2017. In addition, Splish guarantees the lessor a residual value of $20,900 at lease-end. The equipment has a useful life of 6 years. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the equipment is $189,535.

Required - Show Lost Ark's January 1, 2017, journal entries.

Reference no: EM132537733

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Show Lost Arks January journal entries : Splish Corporation enters into a 6-year lease of equipment on January 1, 2017, Show Lost Ark's January 1, 2017, journal entries
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