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What journal entry would gold star make

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Question - On January 2, 2011, Gold Star Company leases equipment to Brick Co. with 5 equal annual payments of $40,000 each, payable beginning December 31, 2011. Brick Co. agrees to guarantee the 25,000 residual value of the asset at the end of the lease term. Brick's incremental borrowing rate is 10%, however it knows that Gold Star's implicit interest rate is 8%. What journal entry would Gold Star make at January 2, 2011 assuming this is direct-financing lease?

Reference no: EM131778473

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