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Problem: Splish Brothers Corporation recorded a right-of-use asset for $262,500 as a result of a finance lease on December 31, 2019. Splish Brothers's incremental borrowing rate is 13%, and the implicit rate of the lessor was not known at the commencement of the lease. Splish Brothers made the first lease payment of $52,526 on on December 31, 2019. The lease requires 7 annual payments. The equipment has a useful life of 7 years with no residual value.
Required:
Question: What are Splish Brothers's December 31, 2020, entries? (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places e.g. 5,275.) Can you deliver the detailed solution of this problem.
Financial Statement Analysis and Preparation
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