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Question - Hatfield Corporation leases a tractor from Star Leasing with a five-year lease on January 1, 2018 under the following terms.
Five payments of $26,379.74 (a 10% implicit rate) due at the end each year.
The fair value of the tractor is $100,000.
The lease is nonrenewable and the tractor reverts to Star at the end of the lease term.
The tractor has a six-year economic life.
Hatfield has an excellent credit rating.
Star offers no warranty on the tractor other than the manufacturer's two-year warranty that is handled directly with the manufacturer.
Required - What entries will Hatfield prepare on December 31, 2018?
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