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What are the journal entries needed on December

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Question - On December 31, 2021 Halas Inc. leases equipment from John Deere. The equipment has a fair value of $50,000 and a guaranteed residual value of $5,000. The lease is 7 years and the implicit rate is 4% and lease payments are $7,401 and made at the beginning of the lease year. Assume this is an Operating lease.

What are the journal entries needed on December 31, 2021?

What are the journal entries needed on December 31, 2022?

Reference no: EM133123927

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