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What journal entry would pharoah make at january 2

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On January 2, 2018, Pharoah Leasing Company leases equipment to Brick Co. with 5 equal annual payments of $164000 each, payable beginning January 2, 2018. Brick Co. agrees to guarantee the $104000 residual value of the asset at the end of the lease term. Brick's incremental borrowing rate is 11%, however it knows that Pharoah's implicit interest rate is 9%. What journal entry would Pharoah make at January 2, 2018 assuming this is a direct-financing lease?

Reference no: EM132405335

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