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Problem: Shamrock Company leased equipment from Costner Company, beginning on December 31, 2019. The lease term is 7 years and requires equal rental payments of $41,085 at the beginning of each year of the lease, starting on the commencement date (December 31, 2019). The equipment has a fair value at the commencement date of the lease of $210,000, an estimated useful life of 7 years, and no estimated residual value. The appropriate interest rate is 12%.
Required:
Question: What are Shamrock's 2019 and 2020 journal entries, assuming Shamrock depreciates similar equipment it owns on a straight-line basis? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answers to 0 decimal places, e.g. 5,275.) Please describe your solutions.
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