Reference no: EM132731097
Problem 1: Waterworld Company leased equipment from Costner Company, beginning on December 31, 2018. The lease term is 4 years and requires equal rental payments of $41,933 at the beginning of each year, starting on the commencement date December 31, 2018. The equipment has a fair value at the inception of the lease of $150,000, an estimated useful life of 4 years, and no salvage value. The appropriate interest rate is 8%. What is/are journal entry(ies) in 2019?
a) Debit Right-of-Use Asset 150,000, and Credit Lease Liability 150,000
b) Debit Lease Liability 40,933, and Credit Cash 40,933
c) Debit Depreciation Expense 37,500, and Credit Right-of-Use Asset 37,500
d) Debit Interest Expense 8,645 and Lease Liability 33,288, and Credit Cash 41,933
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